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Preliminary Ratings Assigned to WestLB's German RMBS Securitization, Power 2001-1 Jun 01 Product Image

Preliminary Ratings Assigned to WestLB's German RMBS Securitization, Power 2001-1 Jun 01

  • ID: 1857417
  • June 2001
  • Region: Germany
  • Standard & Poors

Abstract
LONDON (Standard & Poor's CreditWire) June 4, 2001--Standard & Poor's today assigned its preliminary ratings to the Eur124.55 million floating-rate amortizing credit-linked notes to be issued by Westdeutsche Landesbank Girozentrale (WestLB) under its Power 2001-1 securitization (see list below). The credit-linked notes are structured as a synthetic residential mortgage transaction, not a cash flow transaction in which all the assets are transferred to a bankruptcy-remote special-purpose entity. As such, the issuer of the credit-linked notes is WestLB (AA+/Negative/A-1+). The notes are, therefore, direct obligations of WestLB. The reference pool is a portfolio of residential mortgage loans originated by WestLB and certain intermediaries for WestLB. The preliminary ratings reflect the adequate Pfandbriefe collateral for the class A notes; WestLB's senior unsecured...

Companies mentioned in this report are:
- Portigon AG (Unsolicited Ratings)

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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- Portigon AG (Unsolicited Ratings)

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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