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European rating agency. Objective, transparent, independent.

2,00%- Besicherte Inhaberschuldverschreibungen

LRI Invest Securitisation S.A., Compartment Wohnen I

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB Outlook NEG 08.05.2020 13.05.2020 30.04.2025
BBB Outlook STA 13.06.2019 19.06.2019 30.04.2025
BBB Outlook POS 01.02.2019 19.02.2019 30.04.2025
BBB 15.01.2018 16.01.2018 30.04.2025

News

  • 13.05.2020
    Creditreform Rating has confirmed the rating for the bearer bonds with the ISIN DE000A1HJWS8, issued by LRI Invest Securitization S.A., acting on behalf of its compartment Wohnen I with BBB. The outlook has been adjusted to negative (stable). The main reason for the adjustment of the outlook to negative (stable) is the current uncertainty about the progress of the current COVID-19 pandemic and the uncertainty about the effects of the COVID-19 containment measures on the underlying loans. In addition, medium and long-term effects from containment measures and a deteriorating economic environment could have a negative impact on the operational performance of the properties. The issue proceeds of this securitization were invested in the purchase of a junior debenture note and a subordinated loan facility, which in turn were sufficient to finance a residential property portfolio in North Rhine-Westphalia and a shopping center in Berlin. The purchased loans each participate subordinate to the senior loans in a priority collateral package, which consists, among other things, of mortgages on the properties. The current LTV ratios in connection with the stabilized annual net rental income confirm the rating at the current level. According to our calculations of stressed scenarios, the average cash flows for the bearer bonds are sufficient to fully cover the claims under the bearer bonds.
  • 19.06.2019
    Creditreform Rating has affirmed the rating of the bearer-bonds with ISIN DE000A1HJWS8 issued by LRI Invest Securitisation S.A., acting on behalf of its Compartment Wohnen I with BBB. The outlook changed from positive to stable. The reason for the reduced outlook is the expeced issuance of further bearer bonds, which will be used to fund the purchase of an already existing mortage backed loan facility. The closing shall take place in the third quarter 2019. In implementing the bond issuance, we calculated slightly lower recovery proceeds over the term of the bonds. Financial Covenants of the underlying loan facilites have been satisfied. According to our calculations for the bearer-bonds based on the average consideration of diverse stressed scenarios, the expected recovery proceeds are sufficient to fulfill the claims of the bondholders.
  • 19.02.2019
    Creditreform Rating has confirmed the rating of the bearer-bonds with ISIN DE000A1HJWS8 issued by LRI Invest Securitisation S.A., acting on behalf of its Compartment Wohnen I with BBB / outlook positive. The issue proceeds of this securitization have been used to purchase two subordinated loan facilities. The facilities have been used to fund the acquisition of a shopping center in Berlin and a residential real estate portfolio in North Rhine-Westphalia. The purchased loans each rank junior to the senior loan facilities and benefit from senior secured collateral which consist besides others of a mortgage over the property. According to our calculations for the bearer-bonds based on the average consideration of diverse stressed scenarios, the expected recovery proceeds are sufficient to fulfill the claims of the bondholders.
  • 16.01.2018
    Creditreform Rating has confirmed the rating of the bearer-bonds with ISIN DE000A1HJWS8 issued by LRI Invest Securitisation S.A., acting on behalf of its Compartment Wohnen I with BBB. The issue proceeds of this securitization have been used to purchase two subordinated loan facilities. The facilities have been used to fund the acquisition of a shopping center in Berlin and a residential real estate portfolio in North Rhine-Westphalia. The purchased loans each rank junior to the senior loan facilities and benefit from senior secured collateral which consist besides others of a mortgage over the property. According to our calculations for the bearer-bonds based on the average consideration of diverse stressed scenarios, the expected recovery proceeds are sufficient to fulfill the claims of the bondholders.