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Preliminary Rating Assigned In Spanish RMBS Covered Bond Transaction IM Cedulas 5 Jun 05 Product Image

Preliminary Rating Assigned In Spanish RMBS Covered Bond Transaction IM Cedulas 5 Jun 05

  • ID: 1710543
  • June 2005
  • Region: Spain
  • Standard & Poors

Abstract
MADRID (Standard & Poor's) June 2, 2005Standard & Poor's Ratings Services said today that it assigned its preliminary 'AAA' credit rating to the €1.25 billion fixed-rate notes to be issued by IM Cédulas 5, Fondo de Titulización de Activos, an SPE. The notes are backed by a portfolio of seven Spanish "cédulas hipotecarias" (mortgage-covered bonds or CHs), which are backed by the mortgage loan books of seven financial entities (five savings banks and two Spanish banks). This is the fifth securitization of CHs to be structured by InterMoney Titulización S.G.F.T, S.A. The structure is similar to the previous transactions rated by Standard & Poor's, except for the structure of the liquidity line, which will expire on the legal maturity date...

Companies mentioned in this report are:
- IM Cedulas 5, Fondo de Titulizacion de Activos

Action: Preliminary Rating

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Note: Product cover images may vary from those shown

- IM Cedulas 5, Fondo de Titulizacion de Activos

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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