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Preliminary Ratings Assigned In Abbey's 11th Holmes Funding RMBS Transaction Nov 06
Standard & Poors, November 2006
LONDON (Standard & Poor's) Nov. 7, 2006-Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the -3.463 billion (equivalent) floating-rate notes series 2006-1 to be issued by Holmes Master Issuer PLC, an SPE (see list below). The collateral is a mortgage pool of approximately -38.6 billion that comprises 461,925 loans originated by Abbey National PLC since 1995. This is Abbey's 11th issuance out of its Holmes Funding Ltd. platform. However, with this transaction, Holmes Master Issuer (the 11th issuer) has been established as a multi-issuance issuer. "This means Holmes Master Issuer will be able to issue multiple series of notes using a base prospectus and without needing a new SPE for each new issuance,...
Companies mentioned in this report are: Holmes Master Issuer PLC,Santander UK PLC
Action: Preliminary Rating
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.
Holmes Master Issuer PLC,Santander UK PLC