- Published: May 2012
Portuguese RMBS Index Report Q2 2011?Further Economic Contraction May Cause A Rise In Delinquencies Sep 11
- Published: September 2011
- Standard & Poors
On April 1 2011, Standard and Poor's Ratings Services downgraded 54 tranches of Portuguese residential mortgage-backed securities (RMBS) notes as a consequence of the downgrade of the Republic of Portugal's sovereign rating to 'BBB-/Negative' (see "Ratings Lowered On 68 Tranches In 48 Portuguese ABS And RMBS Transactions," published on April 1, 2011). These downgrades reflect the increased country risk that Portugal faced in Q2 2011, which caused residential mortgage loan performance to deteriorate as a result. In fact, increased country risk, rather than poor collateral performance, motivated about two-thirds of the Portuguese RMBS rating downgrades that we made in the year to June 30, 2011. What's more, if the eurozone sovereign crisis continues at the pace observed over the past...
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