Spanish RMBS Index Report Q2/Q3 2011: Delinquencies Rise In Line With A Sluggish Housing Market And Financial Sector Restructuring Nov 11
- Language: English
- Published: November 2011
- Region: Spain
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
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