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Rating Raised On Belgian RMBS Transaction Royal Street 1's Class A Notes Feb 13 Product Image

Rating Raised On Belgian RMBS Transaction Royal Street 1's Class A Notes Feb 13

  • Published: February 2013
  • Region: Belgium
  • Standard & Poors

Abstract
OVERVIEW AXA Bank Europe, the swap counterparty for Royal Street 1's class A notes, has amended the swap documentation in this transaction to comply with Standard & Poor's 2012 counterparty criteria. This eliminates the previous cap on the rating on the class A notes to one notch above the issuer credit rating on AXA Bank Europe. We have also reviewed the credit and cash flows in this transaction, and have observed increased credit enhancement and strong collateral performance. We have therefore raised our rating on the class A notes to 'AAA (sf)' from 'A+ (sf)' and removed it from CreditWatch positive. Royal Street is a Belgian RMBS transaction comprising loans secured by a first-ranking mortgage (or where a second-ranking mortgage...

Companies mentioned in this report are:
- Royal Street NV/SA, Compartment RS-1
- AXA Bank Europe S.A.

Action: Removed From CreditWatch
Action: Upgraded

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 READ MORE >

- Royal Street NV/SA, Compartment RS-1
- AXA Bank Europe S.A.

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