New Issue: Epic (Industrious) PLC Dec 06
Standard & Poors, December 2006
Abstract
Credit ratings were assigned to the £487.5 million commercial mortgage-backed floating-rate notes issued by Epic (Industrious) PLC, an SPE incorporated in Ireland. Epic (Industrious) also issued £2.5 million of unrated notes to cover issuance costs. In this transaction, loss allocation to the noteholders is synthetically linked to the performance of a commercial property loan. Realized losses in the reference portfolio are allocated to each class of notes in reverse sequential order starting with the class F notes, until the class balance is reduced to zero. The loan is originated and serviced by The Royal Bank of Scotland PLC (RBS; AA/Stable/A-1+). RBS continues to own the loan, and so it is not to be used as security for the notes. Instead,...
Companies mentioned in this report are:
- The Royal Bank of Scotland PLC
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: Full Analysis
- The Royal Bank of Scotland PLC
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