Standard & Poor's Ratings Services today lowered its credit ratings on 28 securitization tranches in 26 European structured finance transactions, following the downgrade, on Oct. 11, of 10 Spanish banks, which act as counterparties in these transactions (see "Spain's Slowing Economy And Depressed Real Estate Market Prompt Negative Rating Actions On 15 Spanish Banks," published on Oct. 11, 2011). Specifically, we have lowered our ratings on: 21 tranches in 21 structured credit transactions; Five tranches in three residential mortgage-backed securities (RMBS) transactions; and Two tranches in two asset-backed securities (ABS) transactions. The tables below provide the transaction names, series, and ratings for affected tranches. For the related media release, see "Ratings Lowered On 28 Tranches In 26 European Structured Finance...
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.
- Banco BPI S.A.
- Magellan Mortgages No. 1 PLC
- Navigator Mortgage Finance No.1 PLC
- Lusitano Mortgages No. 1 PLC
- Atlantes Mortgage No.1 PLC
- HipoTotta No. 1 PLC
- Pelican Mortgages No. 2 PLC
- Lusitano Mortgages No. 2 PLC
- Magellan Mortgages No. 2 PLC
- AR Finance 1 PLC
- dbInvestor Solutions PLC
- Lusitano Mortgages No. 3 PLC
- Azor Mortgages PLC
- Banco Santander Totta S.A.
- CID Finance B.V.
- Magellan Mortgages No. 3 PLC
- Lusitano Mortgages No. 4 PLC
- Magellan Mortgages No. 4 PLC
- Lusitano Mortgages No. 5 PLC
- Lusitano SME No. 1 PLC
- HipoTotta No. 4 PLC
- HipoTotta No. 5 PLC
- BBVA RMBS 2, Fondo de Titulizacion de Activos
- Lusitano Mortgages No. 6 Ltd.
- GAMMA Sociedade de Titularizacao de Creditos, S.A.
- Lusitano Mortgages No. 7 Ltd.
- TDA IBERCAJA ICO-FTVPO, Fondo de Titulizacion Hipotecaria
- AyT ICO-FTVPO III Fondo de Titulizacion de Activos
- TAGUS - Sociedade de Titularizacao de Creditos, S.A.