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Italian RMBS Index Report Q4 2008?Performance Down On Q3 Metrics, But Transactions Remain Resilient To Downturn Feb 09
Standard & Poors, Feb 2009
Abstract
Standard & Poor's Ratings Services' data for delinquencies and defaults in Q4 showed a further deterioration of the performance in Italian residential mortgage-backed securities (RMBS) transactions. These performance metrics do not yet incorporate the benefit that decreasing interest rates are having on floating-rate mortgages in Italy. We expect lower rates to be reflected in performance data over the next few quarters. We consider that the Italian RMBS market might be on the verge of a structural shift: economic activity and unemployment dynamics are likely to take over from affordability considerations as the primary driver of performance in this market, going forward. Despite the deterioration in underlying collateral performance, we do not consider a downturn in the overall performance of the...
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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