Fitch Rates CIF Euromortgage's Series n16 '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 today assigned 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). Euromortgage's Series n16 of obligations foncieres a Long-term 'AAA' rating. This new issue, due 1 December 2011, amounts to 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. 1.25 billion and brings CIF Euromortage's total privileged debt to EUR10.30 billion. CIF Euromortgage is a societe de credit foncier (SCF SCF Service Canadien des Forêts (Canadian Forest Service) SCF Stem Cell Factor SCF Scientific Committee on Food (European Commission) SCF Service Canadien de la Faune ) 99.99%-owned by Caisse Centrale du Credit Immobilier de France (3CIF, rated 'A+/F1'). This rating is based on the privilege granted to holders of these obligations foncieres pursuant to French law, the quality of the assets that serve as collateral, the credit enhancement provided by the available equity, the quality of 3CIF as a servicer (including assets and liabilities management), and the legal and financial structure of the transaction. CIF Euromortgage's assets amount to EUR10.33 billion and are predominantly made up of 'AAA' rated EUR5.84 billion senior units (parts) issued by the 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), CIF Assets, accounting for 56.5% of total portfolio. About EUR1.40 billion senior units, issued by FCC BPI Master Mortgage, and also rated 'AAA' and EUR3.09 billion other European residential mortgage-backed securities (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ) represent 13.6% and 29.9%, respectively, of the total portfolio. CIF Assets and BPI Master Mortgage are FCCs with segregated compartments established to purchase residential loan portfolios originated by local banks of Credit Immobilier de France Developpement (CIFD, rated 'A+/F1') and by Banque Patrimoine et Immobilier (BPI, rated 'A+/F1') another affiliate of CIFD, respectively. CIF Assets and BPI Master Mortgage were set up in April 2001 and May 2003, respectively. Given that the bulk of the SCF's assets are composed of CIF Assets' and BPI Master Mortgage's senior units, the rating assigned to the obligations foncieres is closely linked to the ratings of those units, a deterioration of which may affect the rating of the obligations foncieres. Reports on the issuer titled 'CIF Euromortgage' and on Fitch's approach for rating obligations foncieres, as well as a report titled 'BPI Master Mortgage 2003' are available on the Fitch Ratings subscriber web site, www.fitchresearch.com. |
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