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Bulletin: Ratings On Challenger-Managed RMBS Not Likely To Be Affected By Sale Of Mortgage-Management Business Aug 09
Standard & Poors, Aug 2009
Abstract
-- National Australia Bank is acquiring Challenger's Mortgage Management business -- The rating impact on Challenger's RMBS likely to be minimal -- There is no change to the ratings on the Challenger RMBS issues MELBOURNE (Standard & Poor's) Aug. 19, 2009--Standard & Poor's Ratings Services said today that the announcement of National Australia Bank (NAB)'s acquisition of Challenger's Mortgage Management business on Aug. 18, 2009 is not likely to adversely affect the ratings on outstanding RMBS originated, managed, and administered by Challenger entities. The acquisition is subject to regulatory approval and is expected to close by the end of 2009. We understand the legal responsibilities of the servicer and trust manager for the RMBS transactions will be retained by Challenger...
Companies mentioned in this report are: National Australia Bank Ltd.
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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