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Ratings Assigned To Holmes Master Issuer PLC's U.K. RMBS Series 2008-2 Dec 08 Product Image

Ratings Assigned To Holmes Master Issuer PLC's U.K. RMBS Series 2008-2 Dec 08

  • ID: 1713552
  • December 2008
  • Region: United Kingdom, Great Britain
  • Standard & Poors

FEATURED COMPANIES

  • Holmes Master Issuer PLC
  • Santander UK PLC
  • MORE

Abstract
LONDON (Standard & Poor's) Dec. 22, 2008Standard & Poor's Ratings Services has assigned its credit ratings to the floating-rate notes series 2008-2 issued by Holmes Master Issuer PLC (see list below). The notes are a mixture of scheduled amortization and pass-through notes. This is Abbey National PLC's 16th issuance from its Holmes Funding issuance platform, and the sixth issuance out of Holmes Master Issuer PLC. This structure provides for the creation of a third reserve if the CPR is lower than 15%. The third reserve is funded by funding available revenue receipts. The third reserve required level is 0.5% of the class A outstanding (subject to a floor of £1 million). The issuer issued the notes and lent the proceeds...

Companies mentioned in this report are:
- Holmes Master Issuer PLC
- Santander UK PLC

Action: New 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

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