European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

Besicherte, gewinnabhängige Inhaberschuldverschreibungen (AF Bonds)

PCAM Issuance III S.A., Compartment BER_USD_001

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB Watch NEW 14.04.2020 16.04.2020 22.09.2036
BBB Outlook STA 02.12.2019 12.12.2019 22.09.2036
BBB+ Outlook STA 21.09.2018 24.09.2018 22.09.2036
BBB+ Watch UNW 26.07.2018 30.07.2018 22.09.2036
BBB+ Outlook STA 08.06.2018 13.06.2018 22.09.2036
BBB+ Outlook STA 11.04.2018 13.04.2018 22.09.2036
BBB+ Watch NEW 19.12.2017 21.12.2017 22.09.2036
BBB+ 27.09.2017 28.09.2017 22.09.2036

News

  • 16.04.2020
    Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
  • 12.12.2019
    Creditreform Rating is publishing the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by the securitization company of Prime Capital AG, the PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001. The Rating has been lowered to BBB / stable. The issue is being used for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively. The deterioration compared with the previous year's rating is mainly attributable to the reduced senior loan portfolio and bond volume.
  • 24.09.2018
    Creditreform Rating is publishing the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by the securitization company of Prime Capital AG, the PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001. The Rating has been left unchanged at BBB+ / stable and the “watch” has been withdrawn. The issue is being used successively for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively.
  • 30.07.2018
    Creditreform Rating has set the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001, to (watch) and is going to review the rating due to a methodology change and in accordance with regulatory requirements. The review is open-ended.
  • 13.06.2018
    Creditreform Rating has reviewed the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001. The rating was left at BBB+ / stable due to a further increase in the loan portfolio. The issue is being used successively for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively.
  • 13.04.2018
    Creditreform Rating has reviewed the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001, leaving the rating at BBB+ / stable and withdrawn the "watch". The issue is being used successively for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively.
  • 21.12.2017
    Creditreform Rating has adjusted the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS14534907965 issued by PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001 to BBB+(watch). The rating update is based on our assumption, that currently a deterioration of the issue´s credit quality within the monitoring process is possible. We will determine if the "watch" can be removed after the analysis of the requested documents.
  • 28.09.2017
    Creditreform Rating is publishing the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by the securitization company of Prime Capital AG, the PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001. The Rating has been set to BBB+. The issue is being used successively for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively.