New Issue: WM Covered Bond Program (Washington Mutual Bank Covered Bond Program) Jun 07
- ID: 1887868
- June 2007
- Region: Washington
- Standard & Poors
The rating assigned to the -2 billion series 3 bonds issued under WM Covered Bond Program's -20 billion covered bond program reflects the program's issuance terms, legal structure, and cash flow mechanics. The rating is also based on Standard & Poor's cash flow analysis, which determined that the notes will be repaid under certain stress scenarios associated with an 'AAA' rating. The program is intended to be structured so that the covered bonds achieve an 'AAA' rating unless the terms and conditions of the series specify otherwise. Chart 1 shows Standard & Poor's approach to rating covered bond programs. This is the third series of covered bonds issued under this program, which is the first use of a covered bond...
Companies mentioned in this report are: WM Covered Bond Program
Action: New Rating
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