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
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Research Type: Full Analysis
Standard & Poor's Ratings Services has assigned credit ratings to the -447.2 million floating-rate notes issued by TDA IBERCAJA ICO-FTVPO, Fondo De Titulizaci-n Hipotecaria (the issuer). At closing, the issuer acquired credit rights backed by "Vivienda de Protecci-n Oficial (VPO), part-subsidized, mortgage loans (see "Notable Features"). To fund this purchase, it issued the class A notes. A reserve fund (9.2% of the original principal balance) was funded at closing through the issuance of a subordinated floating-rate class B note. Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (Ibercaja), is the originator of the VPO loans, and is also the swap counterparty and the transaction account provider for the issuer. The class A notes will have a...
Companies mentioned in this report are: TDA IBERCAJA ICO-FTVPO, Fondo de Titulizacion Hipotecaria,Instituto de Credito Oficial,Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)
Action: New Rating
TDA IBERCAJA ICO-FTVPO, Fondo de Titulizacion Hipotecaria,Instituto de Credito Oficial,Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)