Ratings List Resolving European Structured Finance Counterparty CreditWatch Placements?May 27, 2011 Review May 11
Standard & Poors, May 2011
Abstract
On Jan. 18, 2011, our criteria for assessing counterparty risk (see "Counterparty And Supporting Obligations Methodology And Assumptions") became effective. On that day, we placed or kept on CreditWatch negative certain affected EMEA structured finance ratings (see "EMEA Structured Finance CreditWatch Actions In Connection With Revised Counterparty Criteria"). This is one of our periodic reviews of affected EMEA tranches. In this report we have lowered, affirmed, or left on CreditWatch negative our ratings on 59 tranches in 20 transactions, including some ratings not previously on CreditWatch for counterparty reasons. The tables below provide the transaction names, series, and ratings for the affected EMEA transactions. For the related media release, see "S&P Resolves 39 European Structured Finance Counterparty Criteria CreditWatch Placements...
Companies mentioned in this report are: Mercurio Mortgage Finance S.r.l.,TDA Ibercaja 1 Fondo de Titulizacion de Activos,Sestante Finance S.r.l.,SAGRES Sociedade de Titularizacao de Creditos, S.A.,BBVA-3 FTPYME, Fondo de Titulizacion de Activos,BBVA-4 PYME Fondo de Titulizacion de Activos,ALBA 2005 - 1 PLC,BBVA Consumo 1 Fondo de Titulizacion de Activos,ALBA 2006 - 1 PLC,ALBA 2006 - 2 PLC,BBVA Consumo 2 Fondo de Titulizacion de Activos,Eurosail-UK 2007-2NP PLC,Eurosail-UK 2007-4BL PLC,BBVA Empresas 1, Fondo de Titulizacion de Activos,GAMMA Sociedade de Titularizacao de Creditos, S.A.,BBVA-8 FTPYME Fondo de Titulizacion de Activos,TDA Ibercaja 7, Fondo de Titulizacion de activos,Madrid Consumo II, Fondo de Titulizaci?n de Activos
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.
Mercurio Mortgage Finance S.r.l.,TDA Ibercaja 1 Fondo de Titulizacion de Activos,Sestante Finance S.r.l.,SAGRES Sociedade de Titularizacao de Creditos, S.A.,BBVA-3 FTPYME, Fondo de Titulizacion de Activos,BBVA-4 PYME Fondo de Titulizacion de Activos,ALBA 2005 - 1 PLC,BBVA Consumo 1 Fondo de Titulizacion de Activos,ALBA 2006 - 1 PLC,ALBA 2006 - 2 PLC,BBVA Consumo 2 Fondo de Titulizacion de Activos,Eurosail-UK 2007-2NP PLC,Eurosail-UK 2007-4BL PLC,BBVA Empresas 1, Fondo de Titulizacion de Activos,GAMMA Sociedade de Titularizacao de Creditos, S.A.,BBVA-8 FTPYME Fondo de Titulizacion de Activos,TDA Ibercaja 7, Fondo de Titulizacion de activos,Madrid Consumo II, Fondo de Titulizaci?n de Activos
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