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Possible Impact On Japan RMBS Transactions From Lehman Bankruptcy
Standard & Poors, Sep 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
TOKYO (Standard & Poor's) Sept. 18, 2008--Standard & Poor's Ratings Services said today that the recent bankruptcy filings of various Lehman Brothers entities may have an impact on three rated Japanese residential mortgage-backed securities (RMBS) transactions for which Lehman Brothers Japan Inc. served as the advancing agent. Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. On Sept. 16, Lehman Brothers Japan and Lehman Brothers Commercial Mortgage (the originator of the transactions listed below, whose previous name was New Century Finance) also filed for bankruptcy protection with the Tokyo District Court. Lehman Brothers Japan served as the advancing agent, providing temporary shortfalls in liquidity, for several rated Japanese RMBS transactions. The list below shows three transactions...
Companies mentioned in this report are: DTC Three Funding Ltd.,Lehman Brothers Holdings Inc.,DTC Eight Funding Ltd.,DTC Nine Funding Ltd.
Action: General Comment
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