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Bulletin: Ratings On German Residential Funding PLC CMBS Notes Unaffected After Liquidity Drawing
Standard & Poors, Dec 2007
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
LONDON (Standard & Poor's) Dec. 19, 2007-Standard & Poor's Ratings Services said today that its 'BBB' rating on the class E notes issued by German Residential Funding PLC is not affected by the drawing on the liquidity facility of the transaction. The -335,009 liquidity draw occurred due to a mismatch between the interest accrual periods on the notes and those on the underlying loan. All note interest payments have been made, but the draw could potentially result in an interest shortfall to the class E notes at the next interest payment date (IPD) in February 2008, when interest on the liquidity facility draw will be payable. The payment of interest on liquidity facility drawings is a senior expense, but is...
Companies mentioned in this report are: German Residential Funding PLC
Action: Bulletin
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