The securitization is a complex operation through which a company can fund itself mobilizing its credits and assigning them without recourse to a properly funded "Vehicle company".

The vehicle company, issues bonds on the market that could be drawn up under a guarantee deriving from credit cash flows.

Advantages
The operation presents some interesting aspects: Farmafactoring offers to its customers the opportunity of funding themselves, unloading credits from its Financial Statement, eliminating solvency risks, as the without recourse factoring operation.

In 2004 Farmafactoring realised the first securitization operation constituting the vehicle FL Finance Srl, obtaining a rating from Moody's and Fitch on the underlying portfolio which is equal to A1 and A+ and collocating on the market securities for about Euros 200 Mln. These securities represent credits and the loan payments deriving from Agreement settlements with the Lazio region, that calls for 10 instalments in order to divide the debt represented by all the outstanding claims until December 31, 2003 and the flat-rate sum established by the Region on indemnity that is governed at BTP with expiry date October 15, 2007 + spread 0.25%.