Preliminary Ratings Assigned In Barclays Bank's Latest U.K. RMBS Transaction Dec 05
- ID: 2030141
- December 2005
- Region: United Kingdom, Great Britain
- Standard & Poors
LONDON (Standard & Poor's) Dec. 7, 2005Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the £4.5 billion (equivalent) mortgage-backed floating-rate notes to be issued by Gracechurch Mortgage Funding PLC, an SPE (see list below). The collateral is a pool of mortgage loans that are secured by first-ranking mortgages over residential properties located in the U.K. The mortgages were originated by Barclays Bank PLC (Barclays), one of the prime lenders in the U.K. "Barclays takes deposits and originates mortgages, so there is the risk that the borrowers could set-off their mortgage payments against their deposits if the bank becomes insolvent," said Ioanna-Victoria Kyritsi, a credit analyst in the Structured Finance group. "To mitigate the...
Companies mentioned in this report are:
- Barclays Bank PLC
Action: Preliminary Rating
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Research type: News
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