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
Standard & Poor's Ratings Services has assigned credit ratings to the -4,500 million mortgage-backed floating-rate notes issued by SOL-LION, Fondo de Titulizaci-n de Activos (SOL-LION), the first securitization of prime mortgage loans originated by ING Direct N.V. in Spain. SOL-LION acquired credit rights backed by mortgage loans. To fund this purchase, it issued three classes of floating-rate notes. A reserve fund (1.50%) was funded at closing through a participative loan. The transaction aims to insulate the assets from originator or "sociedad gestora" (fund manager) insolvency. The originator of the assets is the Spanish branch of ING Direct, N.V., which was set up in 1999. Its local business is based on residential mortgages, personal loans, credit cards, and trade discounts. At...
Companies mentioned in this report are: SOL-LION, Fondo de Titulizacion de Activos
Action: New Rating
SOL-LION, Fondo de Titulizacion de Activos