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U.K. Prime RMBS Index Report Q3 2011: Performance Remains Resilient Nov 11

  • ID: 2027707
  • November 2011
  • Region: United Kingdom, Great Britain
  • Standard & Poors

FEATURED COMPANIES

  • Apulia Finance N. 4 S.r.l
  • AyT Kutxa Hipotecario II
  • Capital Mortgage S.r.l.
  • CR FIRENZE MUTUI S.r.l.
  • Deva Financing PLC
  • First Flexible No. 6 PLC
  • MORE

Abstract
Performance indicators for the U.K. prime residential mortgage-backed securities (RMBS) that Standard & Poor's Ratings Services rates continued to improve marginally in the third quarter of 2011. Overall, performance remains stable among the transactions in our index. The assets backing U.K. prime RMBS have held up in the face of mounting economic problems. Unemployment has risen to 8.1%, and CPI inflation continues to outstrip wage inflation. We expect GDP growth to come under continued pressure and we are starting to see a firm trend of declining U.K. HPI. However, in our opinion, as long as unemployment does not begin to accelerate and the Bank of England continues its accommodative monetary policy, we expect the majority of prime RMBS assets to...

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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- AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos
- AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria
- BCC Mortgages PLC
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- Apulia Finance N. 4 S.r.l
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- First Flexible (No. 7) PLC
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- Brunel Residential Mortgage Securitisation No. 1 PLC
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- AyT Genova Hipotecario XI Fondo de Titulizacion Hipotecaria
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- Candide Financing 2008 B.V.
- BBVA RMBS 5, Fondo de Titulizacion de Activos
- Aire Valley Mortgages 2008-1 PLC
- Silverstone Master Issuer PLC
- Deva Financing PLC
- Candide Financing 2008-2 B.V.
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