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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

  • ID: 1831595
  • 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 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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