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Preliminary Ratings Assigned In UniCredit Banca's Second Italian RMBS Transaction
Standard & Poors, June 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: 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
MILAN (Standard & Poor's) June 20, 2006-Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the -2.544 billion residential mortgage-backed floating-rate notes to be issued by Cordusio RMBS 2 S.r.l., an SPE (see list below). The Cordusio RMBS 2 transaction is backed by a pool of performing residential mortgage loans granted to individuals and originated by UniCredit Banca SpA (UCB), a leading retail bank in the Italian market and 100% owned by UniCredito Italiano SpA (A+/Negative/A-1). This is the second RMBS transaction originated by UCB and one of the biggest RMBS transactions issued in the Italian market to date. The preliminary credit ratings reflect: - Standard & Poor's credit analysis performed on the portfolio...
Companies mentioned in this report are: Cordusio RMBS 2 S.r.l.
Action: Preliminary Rating
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