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Presale: AyT C?dulas Cajas Global, Fondo de Titulizaci?n de Activos Product Image

Presale: AyT C?dulas Cajas Global, Fondo de Titulizaci?n de Activos

  • ID: 1712929
  • March 2006
  • Region: Global
  • Standard & Poors

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: Full Analysis

Abstract
A preliminary credit rating has been assigned to the -1.5 billion fixed-rate notes of series VI issued by AyT C-dulas Cajas Global, Fondo de Titulizaci-n de Activos (AyT C-dulas Cajas Global), an SPE constituted in December 2005. The underlying collateral of the CHs consists of the mortgage loan books of 11 Spanish savings banks. These CHs, together with all other outstanding CHs from the entities issuing them, are backed by the entire mortgage loan book of those entities. The rating reflects the quality of the underlying collateral and the structural enhancements included. In this issuance the main structural enhancement is the liquidity line to cover defaulting fixed-rate CHs, provided by Instituto de Cr-dito Oficial (ICO; AAA/Stable/A-1+). Series VI is the...

Companies mentioned in this report are: AyT Cedulas Cajas Global, Fondo de Titulizacion de Activos

AyT Cedulas Cajas Global, Fondo de Titulizacion de Activos

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