Fitch Rates MAEXIM Secured Funding Limited Series 1-2013 Notes

CHICAGO--(BUSINESS WIRE)--

Fitch Ratings has assigned final ratings to the series 1-2013 notes issuances by MAEXIM Secured Funding Limited (MAEXIM) as follows:

--EUR380 million class A1 notes 'AAA';

--EUR20 million class A2 notes 'BB+'.

The Rating Outlook is Stable.

The transaction is backed by 400 million euro-denominated notes (collateral securities) issued by the Hungarian Export-Import Bank (Eximbank) under its EUR 2 billion Global Medium Term Note Programme (MTN Programme). The Multilateral Investment Guarantee Agency (MIGA) has provided a guarantee to MAEXIM for 95% of the scheduled payments due under the collateral securities. The ratings address the timely payment of interest on a semi-annual basis and payment of principal at legal maturity on Feb. 15, 2019.

KEY RATING DRIVERS

The collateral securities are unconditionally and irrevocably guaranteed by the government of Hungary ('BB+'). The MIGA contract of guarantee only relates to the collateral securities, but as the schedule coupon and principal payments on the class A1 notes represent 95% of the schedule payments of the collateral securities, the class A1 notes will be fully covered by the payments received under the MIGA contract of guarantee.

The 'AAA' rating assigned to the class A1 notes reflects the characteristics of the contract of guarantee, the credit quality of MIGA, and the structural features of the transaction.

The rating assigned to the class A2 notes is linked to the 'BB+' rating assigned to the collateral securities, which benefit from the unconditional and irrevocable guarantee by Hungary.

RATING SENSITIVIES

The rating of the class A1 notes is directly linked to the credit quality of MIGA, the guarantee provider. A change in Fitch's assessment of the credit quality of MIGA would automatically result in a change in the rating on the class A1 notes.

The rating of the class A2 notes reflects the credit quality of the collateral securities. Any change to the Issuer Default Rating (IDR) of Hungary and as a consequence to Eximbank's IDR or the notes issued under Eximbank's IDR or the notes issued under Eximbank's MTN programme would cause a change to the rating of the class A2 notes.

A detailed description of the transaction and Fitch's rating analysis will be provided in Fitch's new issue report titled 'MAEXIM Secured Funding Limited', which will be available shortly on 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com.;

Applicable Criteria and Research:

--'Global Structured Finance Rating Criteria' (May 2013);

--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 2013);

--'Criteria for Rating Caps and Limitations in Global Structured Finance Transactions' (June 2013);

--'Hungarian Export-Import Bank' (February 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709840

Hungarian Export Import Bank

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697976

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=803758

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