Securitization is more than a refinancing tool or a balance sheet management tool … it’s a strategy.

The development of this market in USA as well as in Europe shows that all transactions although different correspond to two different approaches leading to different structure and thus different receivables selection .

Defensive securitization : made by transferors whose credit rating is donwgraded, this type of securitization gives them an access to the Market with competitive costs and enhances their balance sheet structure.

Offensive securitization : it’s an equity saving strategy where the transferor increases its production capacity without changing its balance sheet ; the more receivables he produces, the larger the transaction he could offer to the Market. He becomes an intermediate whose profit is guarantied, independently of his balance sheet’s size, by the multiplication of his transactions.