Fitch Affirms General DPR Funding Ltd. at 'A'; Outlook Stable

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings affirms the following notes issued by General DPR Funding Ltd.:

--USD100 million series 2012-A notes at 'A'; Outlook Stable.

The series is backed by existing and future diversified payment rights (DPRs) originated by Panamanian bank Banco General S.A. (BG). DPRs include electronic payment orders intended for third-party beneficiaries that relate to exports, re-exports through the Colon Free Trade Zone, capital flows, financial services and foreign direct investment. The majority of these flows are processed by designated depository banks (DDBs) that have signed account agreements (AAs).

KEY RATING DRIVERS

Credit Quality of BG.: On Oct. 26, 2015, Fitch affirmed the long-term foreign currency (FC) Issuer Default Rating (IDR) and Viability Rating of Banco General (BG) at 'BBB+' and 'bbb+', respectively, with a Stable Outlook. The bank has a going concern assessment (GCA) score of 'GC1'.

Relatively High Coverage Ratios: DDB flows supported an average maximum monthly debt service coverage ratio (DSCR) of 174.2x during 2015. Fitch's maximum monthly DSCR considers DDB flows and the maximum periodic debt service over the life of the program.

Relatively Small Program Size: The outstanding balance of the program is $80 million, which represents less than 1% of the bank's total liabilities and 7.8% of its long-term funding.

Sovereign Stability: Fitch rates Panama's IDR 'BBB' with a Stable Outlook. The Country Ceiling is 'A'.

DDB Concentration: Citibank N.A. (Citibank; 'A+'/Outlook Stable) has processed approximately 77% of DPR flows since program inception. Although the transaction rating is not currently constrained by Citibank's IDR, the rating on the notes incorporates the transaction's exposure to Citibank as processor of the vast majority of program DPRs.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the performance of BG. The rating is sensitive to downgrades of the bank's IDR; the ability of the DPR business line to continue operating, as reflected by the GCA score; the performance of the DPR business line; changes in the sovereign environment; and, to a lesser extent, the rating of Citibank.

DUE DILIGENCE USAGE

No third-party due diligence was provided to or reviewed by Fitch in relation to this rating action.

Sources of Information:

In addition to the source(s) of information identified in the master criteria, this action was additionally informed by information from BG.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Future Flow Securitization Rating Criteria (pub. 12 Aug 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868191

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=994494

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=994494

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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View source version on businesswire.com: http://www.businesswire.com/news/home/20151120005754/en/

Fitch Ratings
Primary Analyst
Gregory Lane
Director
+1-312-606-2304
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Committee Chairperson
Greg Kabance
Managing Director
+1-312-368-2052
or
Media Relations
Alyssa Castelli, +1-212-908-0540
[email protected]

Source: Fitch Ratings

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