S&P Removes 193 Australian And NZ RMBS Tranches From CreditWatch Negative Nov 07

Standard & Poors, November 2007

Abstract
MELBOURNE (Standard & Poor's) Nov. 26, 2007--Standard & Poor's Ratings Services today said that it has removed from CreditWatch Negative the subordinated tranches of 193 Australian and New Zealand residential mortgage-backed securities (RMBS). This follows the removal from CreditWatch Negative, and subsequent affirmation, of the ratings on PMI Mortgage Insurance Ltd. (PMI) on Nov. 21, 2007. The ratings on PMI were placed on CreditWatch with negative implications on Oct. 19, 2007 after PMI Group Inc. announced a large increase in its loss reserves. The affirmation on the subordinated tranches listed below reflects PMI's 'AA' rating and Standard & Poor's recognition that lenders' mortgage insurance provides 100% credit support at the 'AA' note rating level for a 'AA' rated insurer. Ratings...

Action: CreditWatch Update

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Research type: News
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