Rating Affirmed On Class C Notes In Spanish RMBS Transaction Hipocat 15; Ratings On Classes A And B Unchanged

Standard & Poors, March 2011

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Abstract
OVERVIEW We placed or kept our ratings on six Hipocat Spanish RMBS deals on CreditWatch negative in July 2010 due to potential reporting issues for this shelf of transactions. As of today, and after having received updated and what we believe correct information, we are in a position to resolve the CreditWatch negative placement on the affected notes. We received confirmation from the trustee that the underestimation did not affect Hipocat 15. Today, following a credit analysis, we have affirmed and removed from CreditWatch negative our rating on Hipocat 15's class C notes. At the same time, we have kept our ratings on classes A and B on CreditWatch negative due to their counterparty exposure, but these notes are no...

Companies mentioned in this report are: Hipocat 15, Fondo de Titulizacion de Activos
Action: Affirmed
Action: On CreditWatch:Negative
Action: Removed From CreditWatch

Hipocat 15, Fondo de Titulizacion de Activos

Customers who bought this item also bought

• Spain Defence and Security Report Q4 2012
• Defense Expenditure in Spain to 2017: Market Review
• The Spanish Defense Industry: Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
• The Spain Defense Industry - Industry Dynamics to 2017: Market Profile
• Homeland Security Expenditure in Spain to 2017: Market Review
• Aerospace (Spain)
• Aerospace (Spain)
• Spain Defence and Security Report Q4 2011
• The Spain Defense Industry - Market Entry Strategy to 2017: Market Profile
• The Spain Defense Industry - Market Attractiveness and Emerging Opportunities to 2017: Market Profile