Fitch Assigns Cedulas TDA 6 F.T.A.'s Tap Issue 'AAA' Expected Rating.LONDON -- 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. has assigned Cedulas TDA TDA Texas Department of Agriculture TDA Trade and Development Agency TDA Transportation Development Act TDA Tax Deferred Annuity (commonly known as TSA) TDA Tienda (Spanish: store) 6, Fondo de Titulizacion de Activos' ('the fund') second issue of notes an Expected rating of 'AAA'. Moreover, the agency has affirmed the existing 'AAA' rating of the first issue rated in May 2005. These two series of notes are 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. as of the first payment date of the notes in May 2006, and are subject to the same terms and conditions. The legal final maturity date of the transaction is May 2028, three years after the expected maturity date. The Final rating is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent receipt of final documents conforming to information already received. The fund was created in May 2005 when a 'AAA' tranche of collaterlised debt obligation (CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the ) bonds was issued, collateralised by a portfolio of nine Cedulas Hipotecarias (CH) issued by nine Spanish financial entities. The fund was constituted in accordance with the laws of Spain. The initial issuance of 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. 1.5 billion is now increased with a second series of EUR1.5bn notes, consolidating a total amount of EUR3.0bn, after the majority of CH issuers together with Titulizacion de Activos S.G.F.T., S.A. (the 'Sociedad Gestora') agreed to carry out the second issue of notes (tap issue). The ratings are based on the quality of the CHs, available liquidity support, the administrative capabilities of the Sociedad Gestora, the volume and quality of the underlying collateral, and the sound financial and legal structure of the transaction. After the legal formalisation Noun 1. formalisation - the act of making formal (as by stating formal rules governing classes of expressions) formalization systematisation, systematization, rationalisation, rationalization - systematic organization; the act of organizing something of the tap issue on 21 November 2005, the fund will own a total of 18 CHs issued by the following nine Spanish financial institutions as collateral for the issuance of the fixed-rate notes. The issue amount is as follows: Caja Madrid (EUR650 million), Caja Castilla la Mancha (EUR600m), Ibercaja (EUR500m), Unicaja (EUR400m), Caixa Penedes (EUR250m), Caixa Terrassa (EUR200m), Caixanova (EUR200m), Caixa Manresa (EUR120m) and Banco Gallego (EUR80m). The 18 CHs, issued under Spanish Law 2/1981 and Royal Decree 685/1982, bear an annual fixed interest rate. Each will be secured by the total mortgage portfolio of the respective CH issuer. Eligible overcollateralisation (OC -- calculated as eligible mortgage portfolios over outstanding CH) on each CH is required by law to be at least 111%; current eligible OC levels vary from bank to bank. Liquidity support for the notes will take the form of a facility equivalent to 2.86% of the note issue, available solely in respect of interest shortfalls and extraordinary expenses. This facility can be drawn until the scheduled maturity date of the notes in May 2025. From this moment and until the legal final maturity date any outstanding and accrued amounts on the notes will be paid once recoveries from the defaulted CHs are materialised. The pre-sale report is available on the agency's website at www.fitchratings.com under Pre-Sale Reports. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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