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ARCHIVE | Criteria | Structured Finance | ABS: Default Modeling for European Consumer Asset-Backed Securitizations Jun 03
Standard & Poors, June 2003
Abstract
European consumer finance receivables are an increasingly popular asset class for securitization. The collateral in these transactions are typically large homogeneous pools of one consumer asset type, underwritten according to standard criteria. Consumer asset types can be divided into two distinct products, with borrowers making use of both largely because they lack the current means to purchase a particular good or service. These distinct products are: Closed-end loans, usually with a fixed interest rate and a fixed term (these loans can be secured or unsecured, and are most often taken out to finance a single item such as a car); and Revolving loans, where a line of credit is extended to a borrower with no fixed term and where multiple...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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