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'BB' Rating On Punto Verde Grantor Trust 2006-1?s Secured Tax-Exempt Notes Affirmed And Removed From Watch Negative Jun 09
Standard & Poors, June 2009
Abstract
NEW YORK (Standard & Poor's) June 19, 2009--Standard & Poor's Ratings Services today affirmed its 'BB' rating on the $40 million 5.8% secured tax-exempt notes from Punto Verde Grantor Trust 2006-1 and removed it from CreditWatch, where it was placed with negative implications on May 21, 2009. The rating on the notes reflects the lower of the ratings on the two underlying securities: Morgan Stanley ACES SPC's 6.92% secured fixed-rate notes series 2006-19 due Aug. 2, 2021 ('BB'); and Fannie Mae's $4.25 billion 6.25% global notes due May 15, 2029 ('AAA'). Today's rating action follows the June 15, 2009, affirmation of our 'BB' rating on one of the underlying securities, Morgan Stanley ACES SPC's series 2006-19 notes, and its removal...
Companies mentioned in this report are: Punto Verde Grantor Trust 2006-1,Fannie Mae,Morgan Stanley ACES SPC
Action: Affirmed
Action: Removed From CreditWatch
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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