Spanish RMBS Index Report Q1 2012: Country Risk Is Likely To Drive Downgrades While Mortgage Arrears Are Rising May 12
- Language: English
- Published: May 2012
- Region: Spain
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Research Type: Full Analysis
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