Research And Markets Research And Markets

Italian RMBS Index Report Q3 2008—Arrears Continue To Increase As Prepayments Level Off Nov 08

  • ID: 1711359
  • November 2008
  • Region: Italy
  • Standard & Poors
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  • Asti Finance S.r.l.
  • Capital Mortgage S.r.l.
  • Credico Finance 6 S.r.l.
  • F-E Mortgages S.r.l.
  • Intesa Sec. 3 S.r.l.
  • MORE

Average prepayments in Italian residential mortgage-backed securities (RMBS) decreased slightly in Q3 to 10.6%. However, between transactions, the decreases in prepayments varied. On the back of the significant increase in prepayments recorded over the past year, in Q3 we revised our Italian RMBS criteria by increasing our high CPR assumption to 24% from 20%. Data on delinquencies and defaults show that Italian RMBS performance continues to feel the strain from higher-than–average interest rates. Despite the deterioration in underlying collateral performance, Standard & Poor's Ratings Services does not consider a significant and generalized downturn in the overall performance of the Italian RMBS market likely in the near future. During Q3, we took only one negative rating action on an Italian RMBS...

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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- Deutsche Postbank AG
- Heliconus S.r.l.
- Mercurio Mortgage Finance S.r.l.
- Marche Mutui Societa per la Cartolarizzazione S.r.l.
- Vela Home S.r.l.
- Apulia Finance N. 2 S.r.l.
- F-E Mortgages S.r.l.
- Sestante Finance S.r.l.
- Berica Residential MBS 1 S.r.l.
- Spoleto Mortgages S.r.l.
- Apulia Mortgages Finance N. 3 S.r.l.
- Berica 5 Residential MBS S.r.l.
- Media Finance S.r.l
- Cordusio RMBS S.r.l.
- Credico Finance 4 S.r.l.
- Claris Finance 2005 S.r.l.
- Asti Finance S.r.l.
- Credico Finance 5 S.r.l.
- Berica 6 Residential MBS S.r.l.
- Vela ABS S.r.l.
- BCC Mortgages PLC
- Credico Finance 6 S.r.l.
- Cassa Centrale Finance S.r.l.
- Cordusio RMBS 2 S.r.l.
- BPM Securitisation 2 S.r.l.
- Claris Finance 2006 S.r.l.
- Marche Mutui 2 Societa per la Cartolarizzazione a r.l.
- Cordusio RMBS 3 - UBCasa 1 S.r.l.
- Credico Finance 7 S.r.l.
- Claris Finance 2007 S.r.l.
- Intesa Sec. 3 S.r.l.
- BP Mortgages S.r.l.
- Capital Mortgage S.r.l.
- Cordusio RMBS Securitisation S.r.l.
- PB Domicilio 2007-1 Ltd.
- Cassa Centrale Securitisation S.r.l.
- Eurohome (Italy) Mortgages S.r.l.
- Grecale ABS S.r.l.
- Adriatico Finance RMBS S.r.l.
- UniCredit SpA Obbligazioni Bancarie Garantite Programme

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Note: Product cover images may vary from those shown