The Rating Outlook is Stable.
The underlying issuance is a securitization of existing and future U.S. dollar-denominated diversified payment rights (DPR) originated by
KEY RATING DRIVERS
The rating action reflects (i) BI's credit quality and strategic importance to
Total DPR flows through BI marginally grew to
The transaction is sensitive to changes in the credit quality of BI, the performance of the DPR business line, a significant increase in the size of the DPR program as a percentage of the bank's total liabilities, and changes in the sovereign environment.
Although coverage levels are also a key input, the DSCRs have been consistently high, and therefore the transaction should be able to withstand a significant decline in cash flows without affecting the ratings. Nevertheless, a change in any of these variables will be analyzed in a rating committee to assess the possible impact on the transaction's rating.
Additional information is available at 'www.fitchratings.com'.
--Global Structured Finance Rating Criteria -
--Future Flow Securitization Rating Criteria -
--DPR Securitizations from
Global Structured Finance Rating Criteria
Future Flow Securitization Rating Criteria
DPR Securitizations from
Source: Fitch Ratings
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