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Bulletin: Ratings On Two Cumbernauld Transactions Unaffected By Discover Bank Spin-Off Feb 07
Standard & Poors, Feb 2007
Abstract
LONDON (Standard & Poor's) Feb. 20, 2007-Standard & Poor's Ratings Services said today that the ratings on the 'AAA' class A notes issued by Cumbernauld Funding No. 2 PLC and Cumbernauld Funding No. 3 PLC are not expected to be affected by Morgan Stanley's decision to 'spin-off' Discover Bank. On Dec. 19, 2006, Morgan Stanley announced that its board had authorized the spin-off of Discover Bank, which is expected to happen by the third quarter of 2007. The originating and servicing entity for the U.K. securitized trust is likely to form part of the Discover business following the spin-off. However, the account management, underwriting, and servicing standards are expected to be maintained and the transaction structures are not expected to...
Companies mentioned in this report are: Cumbernauld Funding No. 3 PLC,Morgan Stanley
Action: Bulletin
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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