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Preliminary Ratings Assigned in DG HYP's German Synthetic Partially Funded RMBS Transaction Dec 03 Product Image

Preliminary Ratings Assigned in DG HYP's German Synthetic Partially Funded RMBS Transaction Dec 03

  • ID: 2025191
  • December 2003
  • Region: Germany
  • Standard & Poors

Abstract
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

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.

- PROVIDE-VR 2003-1 PLC
- Deutsche Genossenschafts-Hypothekenbank AG
- Bausparkasse Schwaebisch Hall AG

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