|
|
 |
|
Viewing report
|
|
|
|
Italian RMBS Index Report Q1 2010?Defaults Slow Down After Peak Recorded In Q4 2009, Prepayments Continue To Edge Downward Jun 10
Standard & Poors, June 2010
Abstract
Standard & Poor's Ratings Services' analysis of performance in Italian residential mortgage-backed securities (RMBS) shows that prepayments have continued to decrease during the first quarter of 2010. At 6.95%, prepayments are now at their lowest level for two and a half years. We believe the continuing fall in prepayments is a result of protracted low interest rates reducing the incentive for Italian homeowners to refinance floating-rate mortgages. We also believe that a further slight decrease from current levels is still possible. Our analysis also reveals that arrears seem to be stabilizing, after several quarters in which shorter-term arrears decreased while longer-term arrears and defaults increased. We have observed a dichotomy developing in the market, as short-term arrears remain structurally lower...
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.
|
|
|
|
