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Apulia Finance N. 2 S.r.l. Class B Notes Removed From CreditWatch Positive And Upgraded
Standard & Poors, Feb 2007
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) Feb. 5, 2007-Standard & Poor's Ratings Services said today that it has removed from CreditWatch with positive implications and raised its credit rating to 'AA' from 'A' on the class B notes issued by Apulia Finance N. 2 S.r.l. (Apulia 2). The rating was placed on CreditWatch positive on Jan. 19, 2007. Since closing, Apulia 2 has shown a good transactional performance. Delinquencies and cumulative gross defaults are broadly in line with the average values recorded in the Italian market on transactions with comparable seasoning and well below our initial assumptions. The notes, issued in August 2003, were backed at closing by a -169.63 million pool of mortgage loans secured by residential properties mostly (approximately 87%)...
Companies mentioned in this report are: Apulia Finance N. 2 S.r.l.
Action: Removed From CreditWatch
Action: Upgraded
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