New Issue: Permanent Master Issuer PLC (Series 2011-1) May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services has assigned its credit ratings to Permanent Master Issuer PLC's mortgage-backed floating-rate notes series 2011-1. A pool of first-ranking mortgages secured over properties in England, Scotland, and Wales, back the notes. Halifax PLC and following the transfer of Halifax's business to Bank of Scotland PLC, Bank of Scotland PLC originated all the loans in the master trust and those backing notes issued out of the trust. The loans are prime residential mortgages on properties in the U.K. The pool revolves, so its characteristics could change. To avoid any deterioration in the pool's credit quality, the pool must meet certain conditions for it to continue to revolve. These conditions are mainly linked to the pool's performance....
Companies mentioned in this report are:
- Permanent Master Issuer PLC
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 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: Full Analysis
- Permanent Master Issuer PLC
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