European Securitization Market Weathers Global Economic Downturn in First Quarter 2001 Apr 01

Standard & Poors, April 2001

Abstract
Despite the global economic downturn of recent months triggered by plunging stock markets and flagging Japanese and U.S. economies, the European securitization market has weathered the volatile climate, with volumes ending a hefty 60% higher at $29.9 billion compared with $18.7 billion in the same quarter of 2000. Kurt Sampson, managing director at Standard & Poor's Structured Finance Ratings group in London said this strong first quarter performance puts the European asset-backed market well en route to achieving at least a 20% year-end growth target. "It's been an impressive first quarter and the depth of the pipeline for the coming months should see us reach the year's end at least 20% higher," he said. "Investor appetite also remains strong, which...

Companies mentioned in this report are:
- Sweden (Kingdom of)
- Bank of Scotland PLC
- France (Republic of) (Unsolicited Ratings)
- Japan (Unsolicited Ratings)
- United Kingdom (Unsolicited Ratings)
- Spain (Kingdom of)
- Germany (Federal Republic of) (Unsolicited Ratings)
- Italy (Republic of) (Unsolicited Ratings)
- Swiss Confederation (Unsolicited Ratings)
- Ireland (Republic of)
- Netherlands (The) (State of) (Unsolicited Ratings)
- Portugal (Republic of)
- Turkey (Republic of)
- Northern Rock (Asset Management) PLC
- Multicanal S.A.
- Rheinische Hypothekenbank AG
- Panther CDO I B.V.
- Melrose Financing No. 1 PLC
- Equity Release Funding (No.1) PLC

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Sweden (Kingdom of)
- Bank of Scotland PLC
- France (Republic of) (Unsolicited Ratings)
- Japan (Unsolicited Ratings)
- United Kingdom (Unsolicited Ratings)
- Spain (Kingdom of)
- Germany (Federal Republic of) (Unsolicited Ratings)
- Italy (Republic of) (Unsolicited Ratings)
- Swiss Confederation (Unsolicited Ratings)
- Ireland (Republic of)
- Netherlands (The) (State of) (Unsolicited Ratings)
- Portugal (Republic of)
- Turkey (Republic of)
- Northern Rock (Asset Management) PLC
- Multicanal S.A.
- Rheinische Hypothekenbank AG
- Panther CDO I B.V.
- Melrose Financing No. 1 PLC
- Equity Release Funding (No.1) PLC

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