Credit ratings were assigned to the floating-rate notes to be issued by Metrix Funding No. 1 PLC, an SPE. The purpose of this transaction is to transfer to the SPE a portion of the credit risk associated with a portfolio of corporate exposure ("underlying reference obligations") denominated in British pounds sterling, euros, and U.S. dollars (see chart). The issuer issued the notes, the proceeds of which were used to buy the initial portfolio. Of the target portfolio, 100% was transferred to the SPE by closing. The issuer is a public company incorporated with limited liability under the laws of England and Wales on June 24, 2005. Its activities were limited to acquiring the portfolio, issuing the notes, and certain other...
Companies mentioned in this report are:
- HSBC Bank PLC
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: Full Analysis