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Preliminary Ratings Assigned in Citibank International PLC's U.K. CMBS Transaction Nov 03
Standard & Poors, November 2003
LONDON (Standard & Poor's) Nov. 13, 2003--Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the -240 million commercial mortgage-backed floating-rate notes to be issued by Nightingale Funding PLC, an SPE (see list below). The notes are backed by 817 commercial loans secured by way of first mortgage over a pool of predominantly residential care and nursing homes in the U.K. Of the pool, 10% are loans to be purchased from the securitizations SONAR 1 PLC and SONAR 2 PLC. The portfolio of loans comprises the bulk of the Citibank International PLC Commercial Mortgage portfolio originated over the past 16 years. The preliminary ratings reflect the credit quality of the underlying loans, the quality...
Companies mentioned in this report are: Citibank International 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: News
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Citibank International PLC