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Bulletin: Infinity 2007-1 And 2006-1 Ratings Unaffected By Changes To Counterparty Arrangements Dec 08
Standard & Poors, Dec 2008
Abstract
LONDON (Standard & Poor's) Dec. 5, 2008-Standard & Poor's Ratings Services said today that its ratings remain unaffected on the notes issued by Infinity 2007-1 'Soprano' FCC and Infinity 2006-1 'Classico', despite the downgrade of a swap counterparty Natixis S.A. Infinity 2007-1 and Infinity 2006-1 are two fully funded synthetic commercial mortgage-backed securities (CMBS) transactions arranged by Natixis, in which Natixis acts as swap counterparty under several credit default swaps (CDSs) and as cash collateral account provider. On Oct. 27, we lowered our short-term counterparty credit rating on Natixis to 'A-1' from 'A-1+'. The transaction parties have altered certain provisions of the documentation, notably what is contractually required by the swap counterparty if we lower its rating below 'A-1+'. As...
Companies mentioned in this report are: Infinity 2007-1 ''Soprano'' FCC,Natixis S.A.,Infinity 2006-1 'Classico'
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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