Baltic Terra — LV0000109122 — 13.25%/an · 30 mois

Plateforme · 17.0/25

A1 · Statut réglementaire 5.0/8

FCMC investment licence (Latvia) obtained in September 2021
Recognised EU regulator, but investment licence ≠ explicit ECSP passport
Recognised EU equivalent → 5 points

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay >90 days 0% → 6/6
Actual return vs announced return not disclosed → 0/6
A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8, rounded to 5
Caveat: statistics cover ABS, not underlying loans

A3 · Rigueur de sélection 2.0/4

Transition to ABS model involves a structured selection process (FCMC licenced), but selection rate not published and process poorly detailed publicly → 2 points

A4 · Santé financière 3.0/4bon

Independent platform operational for >3 years (2021+), active in 2026, no platform distress signal identified
No known institutional shareholder → 3 points

A5 · Protection investisseurs 2.0/3

Investor protection EUR 20,000 provided by Latvian law (1 regulatory point)
FCMC licence implies continuity plan (1 point)
Secondary market or segregated escrow not confirmed → 0 points third criterion

Projet · 37.0/75

B1 · Instrument & Structure 6.0/10

B1.1: 2/5 - ABS/pool note, complex structured hybrid instrument

B1.2: 2/3 - Loan via Latvian platform, recognised local EU law

B1.3: 1/2 - Unsecured bond, no known senior debt, subordinated ranking

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Originator Baltic Terra named, management not identified

B2.2: 2/5 - NBFI profile not detailed, credit history absent

B2.3: 1/3 - Debitum presence, repayment history not confirmed

B2.4: 1/3 - No known proceeding, balance sheet not verifiable

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 5/9 - Underlying loan pool as implicit collateral; joint and several guarantee assumed

B3.2: 0/4 - Baltic Terra financial strength not documented

B3.3: 2/2 - NBFI licenced by FCMC active >2 years: qualified institutional partner

B4 · Structure financière 5.0/15faible

B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on basis of growing Latvian market

B4.2: 0/4 - Originator equity contribution not documented

B4.3: 1/4 - No stress test, Loan-to-Value (ratio prêt/valeur actif) not calculable

B4.4: 1/2 - Margin not disclosed, market favourable

B5 · Pré-commercialisation 6.0/10

SME loan pool Latvia active, market in strong growth (+18.6% 2025)
Diversification assumed not documented
Debitum rating A attested, NBFI sector in expansion

B6 · Permis & Maturité 5.0/5✓ max

Baltic Terra NBFI licenced by FCMC, established activity >2 years, operational legal structure
All legal documents assumed in order per regulator licence

B7 · Marché & Localisation 2.0/3

Latvian SME market in strong growth (+18.6% business loans 2025)
Credit-to-GDP 29% indicates high potential
Forecast GDP slowdown 1.4% in 2026 and stagflation risk moderate

Points forts

✓Latvian SME market in strong growth, business loans +18.6% in 2025.

✓Debitum rating A, rate 13.25%/annum within SME-NBFI norms.

✓Baltic Terra NBFI licenced by FCMC - recognised institutional quality.

✓Debitum platform without default or delay documented to date.

✓Latvian credit-to-GDP very low (29%): strong market growth potential.

Risques identifiés

!Baltic Terra profile (management, balance sheets, leverage) not documented in file.

!Guarantees underlying loan pool not detailed - structural opacity.

!Latvian GDP slowdown forecast 1.4% in 2026, stagflation risk identified.

!ABS instrument: investor exposed to originator, not to direct loans.

!Duration 30 months without confirmed secondary market on Debitum.

⚠ Avertissement sur les risques

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