Presale: Principal Residential Investment Mortgages 1 S.A. (PRIM 1) Feb 12
Standard & Poors, February 2012
Abstract
Standard & Poor's Ratings Services has assigned its preliminary credit ratings to Principal Residential Investment Mortgages 1 S.A.'s (PRIM 1) mortgage-backed floating-rate class A and class B notes. At closing, PRIM 1 is also expected to issue class C notes, which we do not rate. The notes will be backed by a portfolio of first-ranking mortgage loans secured over residential and part-commercial properties in the Netherlands. PRIM 1 purchased this mortgage portfolio from Sparck Hypotheken N.V. (Sparck)and KU88 B.V. (the sellers) in February 2011, when it also issued initial notes (which we weren't engaged to rate) to partially fund that purchase. PRIM 1 funded the other part of the purchased portfolio from the proceeds of a subordinated loan, which it...
Companies mentioned in this report are: Principal Residential Investment Mortgages 1 S.A.
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: Full Analysis
Principal Residential Investment Mortgages 1 S.A.
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