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All Classes Of Irish RMBS Deal Fastnet 2 Downgraded Due To Rising Later Stage Arrears And Further House Price Decline
Standard & Poors, Nov 2010
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
OVERVIEW We have observed an increase in both weighted-average foreclosure frequency and weighted-average loss severity since our last review, mainly due to the continued decline of house prices in Ireland. Fastnet 2's performance continues to deteriorate with reported total arrears of 9.03% as of September 2010. We have therefore downgraded the class A2, B, C, and D notes. Fastnet 2 is an Irish RMBS transaction that securitizes loans originated by Irish Life & Permanent. LONDON (Standard & Poor's) Nov. 19, 2010--Standard & Poor's Ratings Services today lowered and removed from CreditWatch negative its credit ratings on Fastnet Securities 2 PLC's class A2, B, C, and D notes (see ratings list below). Severe delinquencies in Fastnet 2 have risen sharply since...
Companies mentioned in this report are: Fastnet Securities 2 PLC
Action: Downgraded
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