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Preliminary Ratings Assigned In Largest Italian RMBS Transaction Rated By Standard & Poor's
Standard & Poors, May 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) May 3, 2007-Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the -3.906 billion residential mortgage-backed floating-rate notes to be issued by Cordusio RMBS Securitisation S.r.l. (Cordusio RMBS 4). At the same time, the SPE will issue -2.003 million of unrated notes as credit support (see list below). The current transaction will be the largest Italian RMBS transaction to be rated by Standard & Poor's to date. This transaction is backed by a pool of performing mortgages secured over residential properties in Italy and originated by UniCredit Banca SpA (UCB), a leading retail bank in the Italian market and 100% owned by UniCredito Italiano SpA (UCI; A+/Stable/A-1). This will be...
Companies mentioned in this report are: Cordusio RMBS Securitisation S.r.l.
Action: Preliminary Rating
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