Standard & Poor's Ratings Services has assigned preliminary credit ratings to the €1,623.65 million residential mortgage-backed floating-rate notes to be issued by BP Mortgages S.r.l. At the same time, it will issue €16.42 million of unrated notes. The notes will be backed by a pool of fully performing residential mortgage loans secured by economic first-lien mortgages over Italian properties, and granted by Banca Popolare di Novara SpA (BPN) and Credito Bergamasco (Creberg) to individuals to buy their first home. The properties are mainly concentrated in northern Italy, which is the wealthiest area of the country. The originators are part of the Banco Popolare di Verona e Novara group. Banco Popolare di Verona e Novara is a "banca popolare", or cooperative...
Companies mentioned in this report are:
- BP Mortgages S.r.l.
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