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Ratings Assigned To Irish RMBS Transaction FASTNET Securities 7's Class A Notes Sep 11 Product Image

Ratings Assigned To Irish RMBS Transaction FASTNET Securities 7's Class A Notes Sep 11

  • ID: 1886285
  • September 2011
  • Region: Ireland
  • Standard & Poors

FEATURED COMPANIES

  • Fastnet Securities 7 Ltd.
  • MORE

Abstract
OVERVIEW We have assigned ratings to FASTNET Securities 7's notes following a restructure by the transaction's originator Irish Life & Permanent. This transaction closed in March 2009, but we weren't engaged to rate the notes at that time. The transaction securitizes a pool of residential mortgage loans originated in Ireland by Irish Life & Permanent. The restructure has involved, most notably: a change to the principal amounts of the notes, a change to the note interest, a reduction of the reserve fund, the removal of the swap, the appointment of BNP Paribas Securities Services as a new issuer account bank to replace Irish Life & Permanent in this role, and the appointment of Homeloan Management as back-up servicer. LONDON (Standard...

Companies mentioned in this report are: Fastnet Securities 7 Ltd.
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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