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Presale: SMBC Residential Mortgage Trust Certificates No. 22 May 11 Product Image

Presale: SMBC Residential Mortgage Trust Certificates No. 22 May 11

  • ID: 1810678
  • May 2011
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services expects to assign its preliminary 'AAA (sf)' rating to the SMBC -70.5 billion Class A-1/A-2 Residential Mortgage Trust Certificates No. 22, due April 2048, and its preliminary 'AAA' rating to SMBC 22 RMBS Special Purpose Co.'s -35 billion bonds ("tokutei shasai"), due May 2048. The trust certificates are backed by a pool of housing loan receivables originated by Sumitomo Mitsui Banking Corp. (SMBC; A+/Stable/A-1). The bonds issued by SMBC 22 RMBS Special Purpose Co. are backed by the class A-1 senior trust certificates. This is the 22nd securitization of residential mortgages originated by SMBC since its establishment in April 2001, following the merger of two city banks, Sakura Bank and Sumitomo Bank. The preliminary ratings...

Companies mentioned in this report are: SMBC Residential Mortgage Trust Certificates No.22,SMBC 22 RMBS Special Purpose Co.

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: Full Analysis

SMBC Residential Mortgage Trust Certificates No.22,SMBC 22 RMBS Special Purpose Co.

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