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New Issue: Berica 6 Residential MBS S.r.l.
Standard & Poors, February 2006
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
Credit ratings were assigned to the mortgage-backed floating-rate and deferred-interest notes issued by Berica 6 Residential MBS S.r.l., a multi-originator mortgage transaction backed by a pool of mortgage loans secured over residential properties located in Italy. The class D notes are issued as an over-issuance, i.e., they are issued in excess of the principal of the securitized mortgage pool. Interest on these notes is paid only after the replenishment of the cash reserve (that is partially funded at 0.8% at issuance date and ramp up to 1.3% trapping excess spread). The class D notes are deferrable-interest notes. The transaction was originated by three banks belonging to the Banca Popolare di Vicenza Group: Banca Popolare di Vicenza ScpA, Cariprato - Cassa...
Companies mentioned in this report are: Berica 6 Residential MBS S.r.l.,Banca Popolare di Vicenza ScpA,Cariprato - Cassa di Risparmio di Prato SpA
Action: New Rating
Berica 6 Residential MBS S.r.l.,Banca Popolare di Vicenza ScpA,Cariprato - Cassa di Risparmio di Prato SpA