Ratings On Chapel 2003 And 2007 Placed On Watch Neg Due To Worsening Performance And Potential Due Care Claims Set-Off Nov 10
- ID: 1809970
- November 2010
- Standard & Poors
OVERVIEW A significant percentage of the asset pool balance of both Chapel 2003 and Chapel 2007 have outstanding due care claims. If upheld in court, these claims would likely be set off against borrowed principal and or interest due, which may negatively affect the ratings on these notes. We have thus put all classes of notes on CreditWatch negative. The assets backing Chapel 2003 are secured second lien mortgages and those backing Chapel 2007 are large unsecured loans originated by the now bankrupt DSB Bank. LONDON (Standard & Poor's) Nov. 17, 2010--Standard & Poor's Ratings Services today placed on CreditWatch negative its credit ratings on Chapel 2003-I B.V.'s class A to C and on Chapel 2007 B.V.'s class A1 to...
Companies mentioned in this report are:
- Chapel 2003-I B.V.
- Chapel 2007 B.V.
Action: On CreditWatch:Negative
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