Correction, no it does seem to be that the assets are security by way of the performance criteria, what ever that is. As outlined in the article:
He said it did not secure the payment obligation of Big's customers and had who have received video content and agreed to pay by instalments.
"That SME customer payment/credit risk is then ours – which is our core business."
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So if customers do not pay, it's not a problem for BIG, it's simply a problem for FCC. So it could be worse, but BIG are taking the risk. So my assumption is that if BIG continue to provide quality customers to FCC, then it is all fine.
Still, i don't like the look of it. Added risk to the stock means this will be rerated. I wouldn't be surprised to see Moelis update their guidance on BIG.
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