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New Issue: Provide Mortgage Loans France 2004 PLC Jan 05 Product Image

New Issue: Provide Mortgage Loans France 2004 PLC Jan 05

  • ID: 1781525
  • January 2005
  • Region: France
  • Standard & Poors

FEATURED COMPANIES

  • Credit Foncier de France
  • MORE

Abstract
Final credit ratings have been assigned to the floating-rate credit-linked notes issued by Provide Mortgage Loans France 2004 PLC. The Provide Mortgage Loans France 2004 transaction is structured as a synthetic, partially funded RMBS. Its purpose is to transfer to investors the credit risk associated with a pool of residential mortgage loans originated by Crédit Foncier de France ( CFF). To do so, CFF entered into a credit default swap with KfW, which transfers the risk on a portfolio of residential loans to KfW. To hedge part of the risk, KfW then issued certificates of indebtedness ("Schuldscheine") whose terms reflect those of the underlying credit default swap. The issuer used the proceeds of the notes to purchase the Schuldscheine. Repayment...

Companies mentioned in this report are:
- Credit Foncier de France

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

Note: Product cover images may vary from those shown

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