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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
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FEATURED COMPANIES

  • Apulia Finance N. 4 S.r.l
  • AyT Kutxa Hipotecario II
  • Capital Mortgage S.r.l.
  • Credico Finance 5 S.r.l.
  • Fastnet Securities 3 Ltd.
  • Fosse Master Issuer 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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- UniCredit Bank AG
- Bankinter 3 Fondo de Titulizacion Hipotecaria
- First Flexible No. 5 PLC
- AyT 11 Fondo de Titulizacion Hipotecaria
- CR FIRENZE MUTUI S.r.l.
- Bankinter 5 Fondo de Titulizacion Hipotecaria
- Atlantes Mortgage No.1 PLC
- Bancaja 5 Fondo de Titulizacion de Activos
- AyT Genova Hipotecario II Fondo de Titulizacion Hipotecaria
- Apulia Finance N. 2 S.r.l.
- Bankinter 6 Fondo de Titulizacion de Activos
- AyT Genova Hipotecario III Fondo de Titulizacion Hipotecaria
- Bancaja 6 Fondo de Titulizacion de Activos
- First Flexible No. 6 PLC
- Bankinter 8 Fondo de Titulizacion de Activos
- Berica Residential MBS 1 S.r.l.
- AyT Genova Hipotecario IV Fondo de Titulizacion Hipotecaria
- Southern Pacific Financing 04-A PLC
- Bancaja 7 Fondo de Titulizacion de Activos
- Aire Valley Mortgages 2004-1 PLC
- Auburn Securities 4 PLC
- Apulia Mortgages Finance N. 3 S.r.l.
- Azor Mortgages PLC
- Berica 5 Residential MBS S.r.l.
- Cordusio RMBS S.r.l.
- Aire Valley Mortgages 2005-1 PLC
- Credico Finance 4 S.r.l.
- AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria
- Bankinter 10, Fondo de Titulizacion de Activos
- Auburn Securities 5 PLC
- Dali Capital PLC
- Celtic Residential Irish Mortgage Securitisation No. 9 PLC
- AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria
- Bankinter 11 Fondo de Titulizacion Hipotecaria
- AyT Caja Murcia Hipotecario I, Fondo de Titulizacion de Activos
- Credico Finance 5 S.r.l.
- Berica 6 Residential MBS S.r.l.
- AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos
- AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria
- BCC Mortgages PLC
- Credico Finance 6 S.r.l.
- Cassa Centrale Finance S.r.l.
- Cordusio RMBS 2 S.r.l.
- BPM Securitisation 2 S.r.l.
- Celtic Residential Irish Mortgage Securitisation No. 10 PLC
- Aire Valley Mortgages 2006-1 PLC
- CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos
- Arkle Master Issuer PLC
- Gracechurch Mortgage Financing PLC
- Fosse Master Issuer PLC
- Cordusio RMBS 3 - UBCasa 1 S.r.l.
- AyT Caja Murcia Hipotecario II Fondo de Titulizacion de Activos
- Beluga Master Issuer B.V.
- Holmes Master Issuer PLC
- Bankinter 13, Fondo de Titulizacion de Activos
- Celtic Residential Irish Mortgage Securitisation No. 11 PLC
- Credico Finance 7 S.r.l.
- Apulia Finance N. 4 S.r.l
- First Flexible (No. 7) PLC
- AyT Kutxa Hipotecario II
- Brunel Residential Mortgage Securitisation No. 1 PLC
- BBVA RMBS 2, Fondo de Titulizacion de Activos
- BP Mortgages S.r.l.
- Capital Mortgage S.r.l.
- Aire Valley Mortgages 2007-1 PLC
- Cordusio RMBS Securitisation S.r.l.
- Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.
- Cassa Centrale Securitisation S.r.l.
- AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos
- AyT Genova Hipotecario X Fondo de Titulizacion Hipotecaria
- Bancaja 11, Fondo de Titulizacion de Activos
- Lanark Master Issuer PLC
- CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos
- Eurosail PRIME-UK 2007-A PLC
- Aire Valley Mortgages 2007-2 PLC
- AyT Genova Hipotecario XI Fondo de Titulizacion Hipotecaria
- Fastnet Securities 3 Ltd.
- 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.
- Fastnet Securities 5 Ltd.
- Fastnet Securities 6 Ltd.
- Guercino Solutions S.r.l.
- Celtic Residential Irish Mortgage Securitisation No. 14 Ltd.
- Trinity Financing PLC
- AyT ICO-FTVPO Caja Murcia Fondo De Titulizacion de Activos
- AyT ICO-FTVPO III Fondo de Titulizacion de Activos
- Celtic Residential Irish Mortgage Securitisation No. 15 Ltd.
- Celtic Residential Irish Mortgage Securitisation No. 16 Ltd.
- BANCAJA - BVA VPO 1 FONDO DE TITULIZACION DE ACTIVOS
- AyT Colaterales Global Hipotecario FTA Caixa Laietana I
- AyT Caixa Sabadell Hipotecario I, FTA
- BSS Securitisation 1 S.r.l.
- AyT Colaterales Global Hipotecario FTA Sa Nostra I
- Claris Finance 2005 S.r.l.
- Asti Finance S.r.l.
- AyT Hipotecario Mixto V, Fondo de Titulizacion de Activos
- Claris Finance 2006 S.r.l.
- Permanent Master Issuer PLC
- AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria
- Bancaja 10, Fondo de Titulizacion de Activos
- BBVA RMBS 9, Fondo de Titulizacion de Activos
- AyT Goya Hipotecario III Fondo De Titulizacion De Activos

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