Class B Rating Lowered And Placed On CreditWatch Negative In Italian RMBS Deal Sestante Series 5 Nov 10
Standard & Poors, November 2010
Abstract
OVERVIEW Cumulative defaults in Sestante series 5's mortgage collateral pool have risen sharply since closing. As a result, we have lowered and placed on CreditWatch negative our rating on the class B notes. We have also affirmed our rating on the class A notes. Sestante series 5 is an RMBS transaction that securitizes a pool of residential mortgage loans originated in Italy by Meliorbanca. MILAN (Standard & Poor's) Nov. 11, 2010--Standard & Poor's Ratings Services today lowered and placed on CreditWatch negative its credit rating on Sestante Finance S.r.l.'s class B notes series 5. At the same time, we affirmed our rating on the class A notes (see list below). These rating actions follow our review of this transaction in...
Companies mentioned in this report are: Sestante Finance S.r.l.
Action: Affirmed
Action: Downgraded
Action: On CreditWatch:Negative
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.
Sestante Finance S.r.l.
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