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Preliminary Ratings Assigned in Provide-A 2004-1 PLC German RMBS Transaction Jan 04 Product Image

Preliminary Ratings Assigned in Provide-A 2004-1 PLC German RMBS Transaction Jan 04

  • Published: January 2004
  • Region: Germany
  • Standard & Poors

Abstract
FRANKFURT (Standard & Poor's) Jan. 29, 2004--Standard & Poor's Ratings Services said today it assigned its preliminary credit ratings to the €374.75 million credit-linked notes to be issued by Provide-A 2004-1 PLC (see list below). This synthetic RMBS transaction is structured under Germany's Provide program, which was set up by Kreditanstalt für Wiederaufbau (KfW) to provide a standardized platform for use by German banks to transfer the credit-risk exposure on residential mortgage loans to the capital markets. In Provide-A 2004-1, the risk associated with a €3.5 billion initial reference pool of residential mortgage loans that were originated by Bayerische Hypo- und Vereinsbank AG (HVB) will be transferred to investors through the issuance of the classes of credit-linked notes. The portfolio...

Companies mentioned in this report are:
- UniCredit Bank AG

Action: New Rating

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 READ MORE >

- UniCredit Bank AG

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