CRI and CRA

CRI and CRA are instruments associated with the securitization of receivables from the real estate and agribusiness sectors, respectively. The structure requires examining the eligibility of the underlying collateral, its origin and the legal links that support the payment flow. The involvement of a company from these sectors is not, by itself, sufficient to resolve the classification. Securitization legislation and CVM regulations govern the activity of securitization companies and the issuance documents.

Advisory work covers due diligence on the receivables, assignment agreements, guarantees and the securitization term. The fiduciary regime, asset segregation and events that could affect the receipt of funds are assessed. The documentation must be consistent with the distribution rules and with the information presented to investors. During the transaction, changes to the collateral, defaults and resolutions of the certificate holders may require specific measures, depending on the instruments and the regime applicable to each issuance.

Our work

• Eligibility analysis and collateral documentation
• Securitization terms, assignments and guarantees
• Restructurings and resolutions of certificate holders

Does a guarantee eliminate the risk of the CRI or CRA?

No. The guarantee has its own scope, conditions for its creation and enforcement mechanisms. It must be assessed together with the underlying collateral, the debtors and the other risks of the structure.

Editorial review: 2026-10-26