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ARCHIVE | Criteria | Structured Finance | RMBS: Revised Criteria for Rating U.K. Residential Mortgage-Backed Securities Jul 01
Standard & Poors, July 2001
Abstract
Since Standard & Poor's rated the first U.K. RMBS transaction in 1987, the U.K. mortgage market has undergone a number of significant changes. Some of these changes have had a direct impact on the way Standard & Poor's analyzes the credit and liquidity risks inherent in U.K. RMBS transactions. At the same time, the availability of static performance data has permitted an empirical evaluation of existing criteria. A review of these has led to a substantial revision of Standard & Poor's credit and cash flow criteria for RMBS transactions. The purpose of this article is to highlight the major developments in the market, and provide a detailed account of the revised criteria. Standard & Poor's has enhanced its knowledge of...
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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