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Ratings Assigned To Adriano Finance S.r.l. Series 2 Italian RMBS Deal
Standard & Poors, Dec 2008
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) Dec. 19, 2008-Standard & Poor's Ratings Services has assigned a credit rating to the -5,281.15 million asset-backed floating-rate notes issued by Adriano Finance S.r.l. At the same time, Adriano Finance issued -397.5 million unrated notes (see list below). This is a prime RMBS transaction backed by a pool of loans secured over residential and mixed residential and commercial properties located in Italy. The originator is Intesa Sanpaolo SpA (AA-/Stable/A-1+). This is the second transaction by Adriano Finance since its incorporation. The main differences between this transaction and the previous one are: -- 15.3% of the portfolio was granted to commercial borrowers that are neither consumer nor producer household borrowers. In the default risk analysis of the...
Companies mentioned in this report are: Adriano Finance S.r.l.
Action: New Rating
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