June 24, 2013 / 11:07 AM / 5 years ago

RPT-Fitch Affirms German Postal Pensions Securitisations at 'AAA'; Outlook Stable

June 24 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has affirmed German Postal Pensions Securitisation PLC’s (GPPS 1) and German Postal Pensions Securitisation 2 PLC’s (GPPS 2) notes as follows:


EUR3bn class B: affirmed at ‘AAA’; Outlook Stable

EUR1.5bn class C: affirmed at ‘AAA’; Outlook Stable


EUR2bn class B: affirmed at ‘AAA’; Outlook Stable

EUR1.5bn class C: affirmed at ‘AAA’; Outlook Stable

EUR3bn class D: affirmed at ‘AAA’; Outlook Stable


The notes issued by both GPPS 1 and GPPS 2 do not benefit from an explicit guarantee from the Federal Republic of Germany, but they do rely on implicit state support. Therefore the ratings on the notes are credit-linked to those of the Federal Republic of Germany (AAA/Stable/F1+).


If Germany’s Long-Term IDR was downgraded, this would automatically result in a downgrade of the notes.

The net proceeds from the note issuance were used to purchase present and future claims of BPS-PT (Bundes-Pensions-Service fuer Post und Telekommunikation e.V.) against the successor companies of Deutsche Bundespost (the postal successor companies or PSCs) arising under 16 (1) 1 and 2 of the Postpersonalrechtsgesetz (Postal Personnel Law).

The transactions are securitisations of pension obligations and medical aid payments due to be paid by the PSCs to retired civil servants previously employed by Deutsche Bundespost or one of the PSCs. BPS-PT was formed to administer the pension payments due from the PSCs.

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