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Bulletin: Farringdon No. 2 U.K. RMBS Draws On Reserve Fund While S&P Awaits Loan-Level Data Oct 06
Standard & Poors, Oct 2006
Abstract
LONDON (Standard & Poor's) Oct. 16, 2006-Standard & Poor's Ratings Services said today that it is aware of the first reserve fund draw in the Farringdon Mortgages No. 2 PLC transaction and is awaiting loan-level data to undertake a full analysis to assess any rating implications. The reserve fund draw was noted in the October 2006 investor report, which was issued today. 'Farringdon No. 2 drew -53,555 this quarter, representing 2.51% of the opening quarter reserve balance of -2,134,384 million,' said Standard & Poor's credit analyst Kate Livesey. 'The reserve fund has been building through the trapping of excess spread from -1,200,000 (0.60%) of the outstanding balance at closing toward the required amount of -4,440,000 (2.20%). The reserve currently stands...
Companies mentioned in this report are: Farringdon Mortgages No. 2 PLC
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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