Presale: Madrid ICO-FTVPO I, Fondo de Titulizaci?n de Activos Dec 08
Standard & Poors, December 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: Full Analysis
Abstract
Standard & Poor's Ratings Services has assigned a preliminary credit rating to the -260.3 million mortgage-backed floating-rate notes to be issued by Madrid ICO-FTVPO I, Fondo de Titulizaci-n de Activos. At the same time, Madrid ICO-FTVPO I will enter into a loan contract with the originator (loan B) for -35.0 million. This will be the first transaction done by Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid; A+/Negative/A-1) under the government's ICO-FTVPO guarantee program, in which the originator will securitize standard mortgage loans granted to borrowers for the acquisition of a protected property. The final pool will comprise approximately 80% mortgage loans granted for the purchase of a protected property and 20% of nonprotected properties in order...
Companies mentioned in this report are: Caja de Ahorros y Monte de Piedad de Madrid,MADRID ICO-FTVPO I, Fondo de Titulizacion de Activos
Caja de Ahorros y Monte de Piedad de Madrid,MADRID ICO-FTVPO I, Fondo de Titulizacion de Activos
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