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ARCHIVE | Criteria | Structured Finance | RMBS: Methodology And Assumptions: Update To The Criteria For Rating U.K. Residential Mortgage-Backed Securities Jan 09
Standard & Poors, Jan 2009
Abstract
This article serves to update and clarify Standard & Poor's Ratings Services' criteria for U.K. residential mortgage-backed securities (RMBS), and to highlight certain specific applications and adjustments we typically make. It should be read in conjunction with 'Revised Criteria for Rating U.K. Residential Mortgage-Backed Securities', published on July 5, 2001. We continually review the criteria we apply when rating transactions and may amend or change existing criteria or add new variables in our credit analysis based on performance data, empirical evidence, market data, or other information sources. Furthermore, we consider idiosyncratic portfolio features in our rating analysis by penalizing them on a case-by-case basis. This article addresses the 'credit quality of the securitized assets' and 'payment structure and cash flow...
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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