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Italian RMBS Index Report Q1 2007 May 07
Standard & Poors, May 2007
Abstract
Since the beginning of 2007 Standard & Poor's Ratings Services has rated five new transactions. One of these (Cordusio RMBS Securitisation S.r.l.) was the largest-ever transaction carried out in Italy. The total issuance for the first months of 2007 was approximately -12 billion. Remarkably, this represents more than 80% of what we rated in 2006. We expect a robust pipeline for this asset sector for the rest of 2007. In terms of composition, we are likely to see repeat transactions together with first-time or 'rare' issuers, as well as a number of jumbo transactions. There have been some developments affecting legislation for the issuance of Italian covered bonds (see subsection 'Covered bond developments' in 'Italian RMBS Market Makes A Strong...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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