Italian RMBS Index Report Q3 2006 Oct 06

Standard & Poors, October 2006

Abstract
RMBS issuance has been strong in the third quarter with a good pipeline ahead. After an additional €3.2 billion issued in the quarter, year-to-date volumes sold in the market are now about €11 billion, 12% ahead of the total amount of RMBS rated in Italy by Standard & Poor's in 2005. About four to six transactions totalling €5 billion to €7 billion could come to the market over the next few months. No relevant composition effects were recorded in our Italian RMBS Index Report in this quarter, as there was only one new transaction included. The collateral performance has remained robust. Delinquencies have been broadly stable and defaults are in line with recent historical experience. We do not anticipate any...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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