Standard & Poor's Ratings Services has assigned credit ratings to the €1.27 billion residential mortgage-backed floating-rate notes issued by Candide Financing 2008-2 B.V. Candide 2008-2 also issued €12.7 million of unrated class C notes to fund the reserve fund. This is Bank of Scotland PLC's fourth securitization of Dutch mortgages that we have rated. The Amsterdam branch of the Bank of Scotland was established in 1999 to provide residential mortgage services to Dutch consumers. As of July 2008, it had a portfolio of about €8.6 billion. The collateral is a mortgage loan pool secured by first-ranking or first- and sequentially lower-ranking mortgages over residential properties in The Netherlands. The structure closely follows the previous Candide Financing 2008 issuance. The Candide...
Companies mentioned in this report are:
- Candide Financing 2008-2 B.V.
- Bank of Scotland PLC
Action: New Rating
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Research Type: Full Analysis