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Ratings Lowered In Hipocat 11's Spanish RMBS Transaction Following Receipt Of Revised Information Jul 10 Product Image

Ratings Lowered In Hipocat 11's Spanish RMBS Transaction Following Receipt Of Revised Information Jul 10

  • ID: 1711769
  • July 2010
  • Region: Spain
  • Standard & Poors

Abstract
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: Downgraded
Action: On CreditWatch:Negative

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.

- Hipocat 11, Fondo de Titulizacion de Activos

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