Fitch Affirms Compartment CIF Assets 2001-1 Senior Units at 'AAA'.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. , the international rating agency, has affirmed Compartment CIF (1) (Common Intermediate Format) A standard video format used in videoconferencing. CIF formats are defined by their resolution, and standards both above and below the original resolution have been established. The original CIF is also known as Full CIF (FCIF). Assets 2001-1's senior units' (parts) rating at Long-term 'AAA'. CIF Assets is a Fonds Commun de Creances (FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. , the French securitisation vehicle) with segregated compartments established in April 2001. It was cofounded by Caisse Centrale du Credit Immobilier de France (3CIF, rated 'A+/F1' by Fitch), which acts, among other things, as custodian, and by Paris Titrisation, an affiliate of Societe Generale bank (rated 'AA-/F1+' by Fitch), which acts as management company. CIF Assets is used as a recurring refinancing vehicle by 3CIF. In this transaction, the FCC issues units that are backed by residential mortgage loans advanced by the group's regional banks to French individuals. CIF Assets acquires on a bi-annual basis new residential mortgage loans by issuing new fungible A description applied to items of which each unit is identical to every other unit, such as in the case of grain, oil, or flour. Fungible goods are those that can readily be estimated and replaced according to weight, measure, and amount. units with those already issued. This rating affirmation addresses the recent asset purchase by CIF Assets and is based on the legal and financial structure of CIF Assets as well as on available credit enhancement (7.90%) generated by subordination of units (6.73%) and a reserve fund (1.17%). Until April 2001, the size of CIF Assets' portfolio grew with the periodic purchases to reach, as of today, approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 8.07 billion. Following this purchase, CIF Assets acquired 10 additional pools from 10 of the group's regional banks, which have all assigned loans to the FCC in the past. The portfolio purchased totals around EUR1.83 billion and was refinanced with the issuance of new units, EUR1.73 billion of senior units and EUR103.4 million of subordinated units. This brings the total outstanding issuances to EUR8.07 billion, of which approximately EUR7.5 billion are senior units rated 'AAA'. It should be noted that the senior units are refinanced through CIF Euromortgage, a societe de credit foncier wholly owned by 3CIF, which issues obligations foncieres (covered bonds) also rated 'AAA'. A report detailing Fitch's approach in rating residential mortgage-backed transactions "A Guide to Cash Flow Analysis for RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities in Europe" is available on the Fitch Ratings web site, www.fitchratings.com. |
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