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20 New Zealand RMBS Tranches Affirmed And 17 Placed On CreditWatch After New Zealand RMBS Criteria Update Sep 11
Standard & Poors, Sep 2011
Abstract
OVERVIEW Today's rating actions reflect the application of our updated criteria for analyzing credit risk associated with collateral backing New Zealand RMBS. We have placed the ratings on five tranches of prime RMBS and seven tranches of subprime RMBS across a total of six transactions on CreditWatch negative. We have affirmed the ratings on seven tranches of prime RMBS and 13 tranches of subprime RMBS across a total 10 transactions. We have kept the ratings on five tranches of prime RMBS across three transactions on CreditWatch negative, where they had been placed June 28, 2011, because of the application of our updated counterparty criteria. These tranches are not affected by our updated RMBS criteria. We also placed the ratings on...
Companies mentioned in this report are: New Zealand
Action: General Comment
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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