Interest Rate Pressure Telling On Certain Italian RMBS Portfolios Nov 07

Standard & Poors, November 2007

Abstract
The European Central Bank's tighter monetary stance over the past couple of years has gradually squeezed floating-rate mortgage borrowers in Italy. The rise in short-term interest rates due to the recent tensions in the money market is now adding further strain. Although the performance of the related Italian RMBS transactions remains broadly stable, the first sign of a differentiation in performance between portfolios with different features is visible. In the benign credit environment before interest rates started rising, variable portfolio characteristics might have resulted in only marginal performance differences. But as interest rates near peaking, transactions with certain credit characteristics are showing heightened sensitivity to the higher rates. Rising interest rates are also shining a spotlight on the sensitivity of...

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.

- Vela Home S.r.l.
- F-E Mortgages S.r.l.
- Sestante Finance S.r.l.
- Berica Residential MBS 1 S.r.l.
- Credico Finance 3 S.r.l.
- Apulia Mortgages Finance N. 3 S.r.l.
- Berica 5 Residential MBS S.r.l.
- Media Finance S.r.l
- Cordusio RMBS S.r.l.
- Credico Finance 4 S.r.l.
- Claris Finance 2005 S.r.l.
- Asti Finance S.r.l.
- Credico Finance 5 S.r.l.
- Berica 6 Residential MBS S.r.l.
- Vela ABS S.r.l.
- BCC Mortgages PLC
- Cordusio RMBS 2 S.r.l.
- BPM Securitisation 2 S.r.l.
- Marche Mutui 2 Societa per la Cartolarizzazione a r.l.
- Cordusio RMBS 3 - UBCasa 1 S.r.l.
- Credico Finance 7 S.r.l.
- Claris Finance 2007 S.r.l.
- Intesa Sec. 3 S.r.l.
- BP Mortgages S.r.l.
- Capital Mortgage S.r.l.
- Cordusio RMBS Securitisation S.r.l.

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