New Issue: Bancaja 5 Fondo de Titulizacion de Activos

Standard & Poors, April 2003

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Abstract
The credit ratings assigned to the -1 billion notes ("bonos de titulizaci-ns") issued by Bancaja 5 Fondo de Titulizaci-n de Activos (Bancaja 5 FTA) reflect: Standard & Poor's analysis of assets transferred to Bancaja 5 FTA, representing a pool of first-ranking mortgage loans secured over residential properties located in Spain; The level of protection for noteholders provided by the levels of subordination, the reserve fund of 0.90% of the initial balance of the notes, and excess spread of 0.55%; The experience of Caja de Ahorros de Valencia, Castell-n y Alicante, Bancaja (Bancaja) as an originator and servicer of mortgage loans; and The sound payment structure and cash flow mechanics of the transaction. The strengths of the transaction observed in the...

Companies mentioned in this report are: Bancaja 5 Fondo de Titulizacion de Activos
Action: New Rating

Bancaja 5 Fondo de Titulizacion de Activos

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