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Bulletin: S&P Comments On Six Hipocat Deals Exposed To An Ineligible Derivative Counterparty
Standard & Poors, Nov 2008
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.
Abstract
MADRID (Standard & Poor's) Nov. 21, 2008-Standard & Poor's Ratings Services said today that it is reviewing the counterparty exposure risk in six Hipocat Spanish residential mortgage-backed securities (RMBS) transactions with exposure to Caixa d'Estalvis de Catalunya as derivative counterparty (see list below). This follows the publication of our revised 'A-2' rated derivatives counterparties methodology. On Oct. 22, we revised our methodology for 'A-2' rated derivative counterparties. This stated that, absent any other structural mitigants, we would no longer maintain 'AAA' ratings on securitizations and other structured finance-related debt instruments that depend on the performance of derivatives counterparties that are rated 'A-2' or equivalent (for more information see ' S&P Comments On European Securitizations Exposed To 'A-2' Rated Counterparties' )....
Companies mentioned in this report are: Hipocat 7, Fondo de Titulizacion de Activos,Hipocat 8, Fondo de Titulizacion de Activos,Hipocat 9, Fondo de Titulizacion de Activos,Hipocat 10, Fondo de Titulizacion de Activos,Hipocat 11, Fondo de Titulizacion de Activos,Hipocat 15, Fondo de Titulizacion de Activos
Action: Bulletin
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