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Portuguese RMBS Index Report Q1 2009?Severe Delinquencies Continue To Increase Marginally As Expected, Despite Interest Rate Cuts Jun 09
Standard & Poors, June 2009
Abstract
Severe delinquencies (loans in arrears for more than 12 months) in Standard & Poor's Ratings Services' Portuguese residential mortgage-backed securities (RMBS) index continued to increase in Q1 2009. Despite cuts in interest rates by the European Central Bank (ECB), borrowers are evidently finding difficulties in paying mortgage installments in the current economic environment. Loans in arrears for more than 12 months increased to 1.11% from 1.09%. Loans in arrears for more than 90 days and other short-term arrears remained stable in Q1 with only slight increases. Three new transactions-Douro Mortgages No. 4, Atlantes Mortgage No.4 and Magellan Mortgages No.6 Ltd.-were issued in January, February, and March 2009, respectively. Consequently, the volume of Portuguese RMBS rated by us grew to -30.54...
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.
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