New Issue: IM Banco Popular MBS 2, Fondo de Titulizaci?n de Activos

Standard & Poors, August 2010

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

Abstract
Standard & Poor's Ratings Services has assigned credit ratings to IM Banco Popular MBS 2, Fondo de Titulizaci-n de Activos' -685 million floating-rate notes. At closing, IM Banco Popular MBS 2 acquired credit rights backed by prime mortgage loans. To fund this purchase, it issued two classes of notes. It funded a reserve fund (8% of the original principal balance) at closing using a subordinated loan from the originator, Banco Popular Espa-ol, S.A., (Banco Popular; A/Negative/A-1). The transaction closed in March 2010, without our rating. The transaction participants have amended the transaction documents to reflect our criteria. The originator of the loans backing the mortgage-backed securities (MBS) is Banco Popular, Spain's fifth-largest banking group. In our opinion, the bank has...

Companies mentioned in this report are: IM Banco Popular MBS 2, Fondo de Titulizacion de Activos,Banco Popular Espanol, S.A.
Action: New Rating

IM Banco Popular MBS 2, Fondo de Titulizacion de Activos,Banco Popular Espanol, S.A.

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