Italian RMBS Index Report Q2 2010—Issuers Could Draw On Reserves As Performance Diverges Sep 10
Standard & Poors, September 2010
Abstract
Standard & Poor's Ratings Services believes a weak economic environment has made Italian residential mortgage-backed securities (RMBS) issuers more likely to draw on their reserves, and expects further divergence in the performance of portfolios in the sector, which could lead to future performance-driven downgrades. This opinion is underpinned by the still weakalbeit improvingeconomic fundamentals. Unemployment remains on the rise despite the Italian economy beginning to show signs of recovery from its significant slowdown in 2009: We expect GDP to increase by 0.7% in 2010 and 1.0% in 2011 (see "Europe's Growth: As Good As It Gets-," published on Aug. 31, 2010). We forecast unemployment to continue increasing to 8.5% in 2010 from 7.9% recorded in 2009 and 6.8% in 2008....
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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