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New Issue: FCT RED & BLACK CONSUMER 2008-1 Oct 08 Product Image

New Issue: FCT RED & BLACK CONSUMER 2008-1 Oct 08

  • Published: October 2008
  • Standard & Poors

FEATURED COMPANIES

Abstract
Standard & Poor's Ratings Services has assigned a 'AAA' credit rating to the asset-backed floating-rate notes issued by FCT RED & BLACK CONSUMER 2008-1. This transaction transfers to investors the credit risk on a portfolio of consumer loans originated in France by the retail network of Société Générale and serviced by Franfinance, a subsidiary of Société Générale. From a credit perspective, this transaction is very similar to the RED & BLACK CONSUMER 2006-1 PLC transaction that closed in September 2006. The type of collateral is identical. However, while the 2006 transaction was synthetic, in this structure the note issuance proceeds are used by the issuer to fund a loan made to Sogéfinancement. This loan is secured by the ownership transfer...

Companies mentioned in this report are:
- FCT Red & Black Consumer 2008-1
- Societe Generale

Action: New Rating

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 READ MORE >

- FCT Red & Black Consumer 2008-1
- Societe Generale

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