July 14, 2017 / 10:49 AM / 11 days ago

BRIEF-Moody's rates Creval's bad loan securitisation deal

1 Min Read

July 14 (Reuters) - Italian lender Credito Valtellinese (Creval):

* Moody's says rated notes issued by Elrond NPL 2017 vehicle as part of a bad loan securitisation by Creval

* Rated 464.0 million euro senior tranche at 'Baa3'

* Rated 42.5 million euro mezzanine tranche at B1

* Did not rate 20.0 million euro junior tranche

* The assets supporting the notes are non-performing loans with a gross book value of 1.405 million euros of which 30.8 million euros of cash in court

* Loans representing around 26.5 percent of the gross book value are unsecured, while the remaining 73.5 percent of the gross book value are secured loans Further company coverage: (Reporting by Milan Newsroom)

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