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Rating Affirmed In Russian ABS Transaction HC Finance Following Sovereign Rating Action

December 31, 2014 Standard & Poor's
MOSCOW (Standard & Poor's) Dec. 30, 2014--Standard & Poor's Ratings Services today affirmed its 'BBB (sf)' credit rating on HC Finance LLC's notes.

On Dec. 23, 2014, we placed on CreditWatch negative our long-term foreign currency sovereign credit rating on the Russian Federation (see "Russian Federation Ratings Placed On CreditWatch Negative On Review Of Monetary Flexibility And Weakening Economy").

Today's affirmation follows the application of our updated criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating (RAS criteria) (see "," published on Sept. 19, 2014). Our analysis suggests that the available credit enhancement is sufficient to support a 'BBB (sf)' rating on the notes if we were to lower our sovereign foreign currency rating on Russia by up to three notches from its current 'BBB-' level. The transfer and convertibility (T&C) assessment and sovereign local currency rating on Russia do not constrain our rating on the notes.

The transaction is exposed to counterparty risk from Citibank N.A., London branch, as the transaction account bank. We consider that the downgrade provisions in the transaction documents adequately mitigate counterparty risk at a 'BBB' rating level (see "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013, and "Methodology Applied To Bank Branch-Supported Transactions," published on Oct. 14, 2013).

Our analysis of the transaction's performance has not materially changed since our Oct. 31, 2014 review and we have therefore today affirmed our 'BBB (sf)' rating on HC Finance's notes (see "Rating Affirmed And Removed From CreditWatch Negative On HC Finance's Russian ABS Notes Following Criteria Update").

HC Finance is a Russian asset-backed securities (ABS) transaction that securitizes a portfolio of ruble-denominated consumer loan receivables.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties, and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties, and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011.
Issue — HC Finance, 01
  • Status
    early redeemed
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    5,000,000,000 RUB
  • М/S&P/F
    — / — / —
Company — HC Finance
  • Full name
    HC Finance LLC
  • Registration country
    Russia
  • Industry
    Financial institutions