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
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 -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)