DUBLIN, September 30, 2022--(BUSINESS WIRE)--KBRA Europe (KBRA) assigns a preliminary rating to Channel Finance S.A., acting through and in respect of its Compartment 010 (Channel 010 or the Issuer or SI Goods and Receivables), a diamond inventory and receivables (arising from the sale of inventory) securitisation.
The transaction represents the first diamond inventory and receivables securitisation serviced by the three main operating entities of Sana Investment Limited (Sana or the Performance Guarantor), namely Arslanian Group NV (Belgian Seller), Arslanian Group DMCC (United Arab Emirates (UAE) Seller) and Adamas Diamonds Far East Limited (Hong Kong Seller) (collectively the Sellers, Servicers, the Group or Arslanian).
The securitisation is backed by Arslanian’s eligible inventory of rough and polished diamonds as well as eligible receivables. The transaction features a borrowing base concept whereby the borrowing base must be at least equal to the outstanding aggregate debt balance which will be tested at least every second business day. The collateral for the transaction is secured by eligible rough and polished diamond inventory owned by Arslanian, as well as certain eligible receivables and monies and other property maintained in the transactional accounts.
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Global Structured Finance Counterparty Methodology
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