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Ratings On Chapel 2003 And 2007 Placed On Watch Neg Due To Worsening Performance And Potential Due Care Claims Set-Off Nov 10 Product Image

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

FEATURED COMPANIES

  • Chapel 2003-I B.V.
  • Chapel 2007 B.V.
  • MORE

Abstract
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

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.

- Chapel 2003-I B.V.
- Chapel 2007 B.V.

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