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BULLETIN: Ratings On European RMBS And CMBS Transactions Unaffected By GMAC Downgrade May 05
Standard & Poors, May 2005
Abstract
LONDON (Standard & Poor's) May 10, 2005-Standard & Poor's Ratings Services said today that its credit ratings on the notes issued by various General Motors Acceptance Corp.-related European RMBS and CMBS transactions are unaffected by GMAC's recent downgrade (see transaction list below). On May 5, 2005, Standard & Poor's lowered its long- and short-term corporate credit ratings on General Motors Corp. (GM), GMAC, and all related entities to 'BB/B-1' from 'BBB-/A-3'. Through its various subsidiaries in Europe, GMAC acts as originator and servicer in various U.K. and Dutch RMBS and U.K. and French CMBS transactions. In all these transactions the rating on GMAC and its subsidiaries is not weak-linked to the ratings on the notes. In addition, all the RMBS...
Companies mentioned in this report are: RMAC 2005-NS1 PLC,Ally Financial Inc.,RMAC 2003-NS1 PLC,RMAC 2003-NS2 PLC,RMAC 2003-NS3 PLC,RMAC 2003-NS4 PLC,RMAC 2004-NS1 PLC,E-MAC NL 2004-I B.V.,RMAC 2004-NSP 2 PLC,RMAC 2004-NS3 PLC,E-MAC NL 2004-II B.V.,RMAC 2004-NSP4 PLC,Taurus CMBS No. 1 PLC,E-MAC NL 2005-I B.V.
Action: Bulletin
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.
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