New Issue: Provide Mortgage Loans France 2004 PLC Jan 05
- ID: 1781525
- January 2005
- Region: France
- Standard & Poors
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
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Research Type: Full Analysis