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German RMBS Index Report Q1 2007 May 07
Standard & Poors, May 2007
The delinquency index stagnated during the first quarter of 2007, standing at 2.7% Loss allocations remained low during the first quarter. Currently, three transactions have exhausted 20% or more of their initial available first-loss protection. Classes of notes in Bauhaus and P.VR 3 were put on CreditWatch with positive implications. Germany's economy continues to prosper and the unemployment rate has sunk to a six-year low. Prepayments remain above 8% and have reached a three-year high. The amortization pace in German RMBS remains steady: on average, pools amortize by 25% after 2.5 years. Germany's RMBS market has experienced its first regulatory calls. Throughout the first quarter of 2007 the performance of the German RMBS transactions rated by Standard & Poor's Ratings...
Companies mentioned in this report are: Haus-1998-1 Ltd.,PROVIDE VR 2002-1,PROVIDE-VR 2003-1 PLC,PROVIDE-VR 2004-1 PLC,E-MAC DE 2005-I B.V.,PROVIDE BLUE 2005-1 PLC,PROVIDE BLUE 2005-2 PLC,E-MAC DE 2006-I B.V.,PB Domicile 2006-1 PLC,E-MAC DE 2006-II B.V.,PROVIDE-A 2006-1 GmbH
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Haus-1998-1 Ltd.,PROVIDE VR 2002-1,PROVIDE-VR 2003-1 PLC,PROVIDE-VR 2004-1 PLC,E-MAC DE 2005-I B.V.,PROVIDE BLUE 2005-1 PLC,PROVIDE BLUE 2005-2 PLC,E-MAC DE 2006-I B.V.,PB Domicile 2006-1 PLC,E-MAC DE 2006-II B.V.,PROVIDE-A 2006-1 GmbH