FRANKFURT (Standard & Poor's) Dec. 1, 2003--Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the €75.75 million floating-rate credit-linked notes to be issued by PROVIDE-VR 2003-1 PLC, an SPE (see list below). The transaction is structured as a synthetic, partially funded RMBS, not as a cash flow RMBS. Its purpose is to transfer the credit risk associated with a pool of residential mortgage loans originated in Germany by Deutsche Genossenschafts-Hypothekenbank AG (DG HYP), building society Bausparkasse Schwäbisch Hall AG (BSH), and five co-operative banks ("Kreditgenossenschaften"). Approximately 84% of the reference claims are on DG HYP's balance sheet, which ranks among the four largest dedicated mortgage banks in Germany by value of assets. The...
Companies mentioned in this report are:
- PROVIDE-VR 2003-1 PLC
- Deutsche Genossenschafts-Hypothekenbank AG
- Bausparkasse Schwaebisch Hall AG
Action: New Rating
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Research type: News
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