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'AAA' Rating on Notes of Eurohypo-New Repack Securitization Removed From CreditWatch Negative Aug 02
Standard & Poors, Aug 2002
Abstract
LONDON (Standard & Poor's) Aug. 19, 2002--Standard & Poor's Rating Services said today it removed from CreditWatch with negative implications its 'AAA' credit rating on the -25.1 million floating-rate notes series 11 issued by Repackaged Offshore Collateralised Kredit (Rock) Two Ltd., a repackaging securitization. At the same time the rating was affirmed. The CreditWatch action follows the merger of three German mortgage banks and the removal of their rated public sector (-ffentliche) Pfandbriefe from CreditWatch negative. All the 'AAA' rated Pfandbriefe were transferred from Eurohypo AG-Europ-ische Hypothekenbank der Deutschen Bank (Eurohypo AG) and Rheinische Hypothekenbank AG (Rheinhyp AG) to Eurohypo AG (Eurohypo-New), the newly established entity. Following the transfer, the 'AAA' rating on the senior secured -ffentliche Pfandbriefe was removed...
Companies mentioned in this report are: Repackaged Offshore Collateralised Kredit (Rock) Two Ltd.,Eurohypo AG
Action: Affirmed, Off CreditWatch
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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