Presale: Ayt C?dulas Cajas Global, Fondo de Titulizaci?n de Activos
- ID: 1713697
- July 2009
- Region: Global
- Standard & Poors
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 its preliminary 'AAA' credit rating to the -1.45 billion fixed-rate notes series XXIV to be issued by AyT C-dulas Cajas Global, Fondo de Titulizaci-n de Activos, a special-purpose entity (SPE) established in December 2005. Spanish structured covered bonds can be characterized as a repackaging of "c-dulas hipotecarias" (Spanish mortgage covered bonds or CHs) issued by various Spanish financial institutions. While the series XXIV notes are backed only by the same amount of CHs, the underlying collateral of the CHs (together with all other outstanding CHs from the entities issuing them) comprises the entire mortgage loan books of the nine Spanish savings banks participating in series XXIV. The preliminary rating reflects the underlying collateral...
Companies mentioned in this report are: AyT Cedulas Cajas Global, Fondo de Titulizacion de Activos