Presale: Arkle Master Issuer PLC (Series 2011-1) Jul 11
Standard & Poors, July 2011
Abstract
Standard & Poor's Ratings Services has assigned its preliminary credit ratings to Arkle Master Issuer PLC's residential mortgage-backed notes series 2011-1. A pool of first-ranking mortgages secured over properties in England, Scotland, and Wales will back the notes. Cheltenham & Gloucester PLC (C&G) originated the loans in the trust before the transfer of its banking business to Lloyds TSB Bank PLC in October 2007. Since the transfer, Lloyds TSB has originated the loans. Lloyds TSB has replaced C&G as administrator of the mortgages and as cash manager of the trust. This is a revolving structure, so the characteristics of the pool can change. To avoid deterioration of the pool's credit quality, the transaction documents require the pool to meet certain...
Companies mentioned in this report are:
- Lloyds TSB Bank PLC
- Arkle Master Issuer PLC
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: Full Analysis
- Lloyds TSB Bank PLC
- Arkle Master Issuer PLC
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