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Presale: Graphite Mortgages PLC Nov 05

  • ID: 1781644
  • November 2005
  • Standard & Poors
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  • Graphite Mortgages PLC
  • KfW
  • MORE

Preliminary credit ratings have been assigned to the £301.3 million floating-rate credit-linked Provide Graphite series 2005-2 notes to be issued by Graphite Mortgages PLC, hereafter called the PROVIDE GRAPHITE 2005-2 transaction. PROVIDE GRAPHITE 2005-2 is structured as a synthetic, partially funded RMBS. Its purpose is to transfer the credit risk associated with a pool of residential mortgage loans on the balance sheet of Northern Rock PLC (A/Positive/A-1). The collateral backing the notes will be certificates of indebtedness ("Schuldscheine") issued by KfW (AAA/Stable/A-1+). The ratings on the notes are dependent on the credit quality of KfW. Potential changes to the rating on KfW during the life of this transaction could, therefore, have a direct effect on the ratings on the notes....

Companies mentioned in this report are:
- KfW

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

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- KfW
- Graphite Mortgages PLC

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