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Italian RMBS Index Report Q1/Q2 2011?Stable Performance Despite A Weak Economy Sep 11
Standard & Poors, Sep 2011
Abstract
In the first half of 2011, the Italian residential mortgage-backed securities (RMBS) sector's performance stabilized in Standard & Poor's Ratings Services' opinion, with severe delinquencies (more than 90 days) remaining well below 1.5%. However, borrower performance could deteriorate during the second half of the year, as the eurozone's growth prospects continue to falter and mounting downside risks look set to prolong the Italian economy's recovery. A second-quarter 'soft patch' in eurozone growth may well extend into the second half of this year, in our view. The recent adverse flow of economic indicators suggests to us that the eurozone may be facing a more protracted period of recovery. In particular, as a consequence of constrained consumer and government spending, combined with...
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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