×
Texting is available for authorized users.
Please register or log in at the website.
×
Your request for online training has been sent. Cbonds managers will be in touch with you shortly. Thank you!

22 Ambac-Insured, 'AAA' Rated Emerging Market Securitization Ratings Placed On Watch Negative

January 22, 2008 | Cbonds

Standard & Poor's Ratings Services
said today that it has placed its 'AAA' credit ratings on 18 future flow
securitizations, three Mexican residential mortgage-backed securities (RMBS)
transactions, and one bridge loan transaction on CreditWatch with negative
implications. At the same time, Standard & Poor's affirmed its 'mxAAA' Mexican
national scale (CaVal) ratings on the three related Mexican RMBS transactions
(see list below).

The rating actions follow the placement on CreditWatch negative of the 'AAA'
financial enhancement rating on Ambac Assurance Corp. (see "Ambac Assurance
Corp. Ratings Placed On CreditWatch Negative," published on Jan. 18, 2008, on
RatingsDirect at www.ratingsdirect.com). The ratings on the affected series
are based on the full financial guarantee insurance policies provided by
Ambac, which guarantees the timely payment of interest and principal according
to the transactions' terms.

While the 'AAA' ratings on the affected series reflect the financial
enhancement rating on Ambac, the underlying ratings on those series, which
reflect the performance and credit quality of the underlying securitizations,
are not affected by the rating actions.

Further rating actions on these transactions may follow, pending the
resolution of the CreditWatch placement on the financial enhancement rating on
Ambac.

RATINGS LIST

'AAA' RATINGS PLACED ON CREDITWATCH NEGATIVE

Transaction Series/tranche

Akbank Remittances Trust Securitization
(Akbank) 11, 13, 20

Brazilian Diversified Payment Rights Finance
Co. (Banco Itau) 2005-1

BTA DPR Finance Co. (JSC Bank TuranAlem) 2007-C

CCR Inc. MT-100 Payment Rights Master Trust 2005-A, 2006-A,
(Banco de Credito del Peru) 2007-A, 2007-B

CIC Receivables Master Trust (Credomatic) 2002-A

Dollar Diversified Payment Rights Finance Co.
(Banco do Brasil) 2002-1

Garanti Diversified Payment Rights Finance Co.
(Turkiye Garanti Bankasi) 2007-A

Hipotecaria Su Casita Construction Loan Trust 2005-1

International Diversified Payment Rights Co.
(Banco Bradesco) 2007-1

Kazkommerts DPR Co. (Kazkommertsbank) 2005A, 2006B

Patrimonio – Bursatilizaciones de Hipotecas
Residenciales 06U, 07, 07U

TIB Diversified Payment Rights Finance Co.
(Isbank) 2004-B

VB DPR Finance Co. (Vakifbank) 2006-D

Yapi Kredi Diversified Payment Rights Finance
Company 2006-D

CaVal 'mxAAA' RATINGS AFFIRMED

Transaction Series/tranche

Patrimonio – Bursatilizaciones de Hipotecas
Residenciales 06U, 07, 07U

Share:

Similar news:
minimizeexpand
Cbonds is a global fixed income data platform
  • Cbonds is a global data platform on bond market
  • Coverage: more than 170 countries and 250,000 domestic and international bonds
  • Various ways to get data: descriptive data and bond prices - website, xls add-in, mobile app
  • Analytical functionality: bond market screener, Watchlist, market maps and other tools
×