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ARCHIVE | Criteria | Structured Finance | RMBS: Preliminary Rating Criteria for Singapore Private Residential Mortgage-Backed Securities Oct 99
Standard & Poors, Oct 1999
Abstract
Based on research of Singapore's economy, lending and property markets, and property laws, Standard & Poor's has established its preliminary rating criteria for Singapore residential mortgage securitization. This criteria is adapted solely for private mass residential properties, rather than luxury residential properties. The luxury sector is investment-driven, and exhibits higher price volatility. The sector also has less depth, and, therefore, is less liquid. The criteria reflect Singapore's well-functioning legal system as it relates to property conveyancing, insolvency, and banking. A benchmark pool was devised from research into parameters for mortgage underwriting and property characteristics (see Table 1). The benchmark pool serves as a yardstick by which the risk in any given mortgage pool may be measured. The benchmark pool is...
Companies mentioned in this report are: Singapore (Republic of) (Unsolicited Ratings)
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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