OVERVIEW These downgrades follow the rating action we took on July 8, 2010, when we were informed by the trustee that figures for cumulative defaults in Hipocat 11 had been understated in recent transaction reports. We have since received further updated information from the trustee, and after analyzing the cash flows we have downgraded the class A2, A3, and B notes. Additionally, we have kept these classes on CreditWatch negative pending further discussions with the trustee with the aim of further assessing the quality of information the trustee, Gestión de Activos Titulizados, S.G.F.T., S.A. has provided in the transaction reports. Caixa d'Estalvis de Catalunya originated the Spanish mortgage loans that back this RMBS transaction. MADRID (Standard & Poor's) July 14,...
Companies mentioned in this report are:
- Hipocat 11, Fondo de Titulizacion de Activos
Action: On CreditWatch:Negative
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