- Language: English
- Published: May 2011
Presale: SMBC Residential Mortgage Trust Certificates No. 23 Jun 12
- Published: June 2012
- Standard & Poors
Nippon Standard & Poor's K.K. expects to assign its preliminary 'AAA (sf)' ratings to SMBC's -57.0 billion Class A-1/A-2 Residential Mortgage Trust Certificates No. 23 (hereafter collectively referred to as "the senior trust certificates"), due February 2049, and its preliminary 'AAA' rating to SMBC 23 RMBS Special Purpose Co.'s -29.5 billion bonds ("tokutei shasai"), due March 2049. The preliminary ratings reflect our opinion on the likelihood of the full and timely payment of interest and the ultimate full repayment of principal by the transaction's legal final maturity date. The preliminary ratings are based on the following factors. We assume a cumulative default frequency of about 16.5% and a recovery rate of about 33% for the loan receivables, with a stress...
Companies mentioned in this report are: SMBC Residential Mortgage Trust Certificates No. 23,SMBC 23 RMBS Special Purpose Co.
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
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SMBC Residential Mortgage Trust Certificates No. 23,SMBC 23 RMBS Special Purpose Co.