S&P Asgns Prelim Ratings in UK RMBS Deal ELOC 15.Business Editors LONDON--(BUSINESS WIRE)--July 16, 2003 Standard & Poor's--Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. said today it assigned its preliminary credit ratings to the GBP GBP In currencies, this is the abbreviation for the British Pound. 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. 394.208 million commercial mortgage-backed floating-rate notes to be issued by Iolaus (European Loan Conduit No. 15) PLC, an SPE SPE - Software Practice and Experience (see list below). The mortgages were originated by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
ELOC External Locus of Control ELOC Evangelical Lutheran Ovambo-Kavango Church (Africa) ELOC Executable Lines Of Code ELOC Extraneous Logical or in Expression Used as Branch Condition series of securitizations. The notes are backed by a pool of 11 loans secured by way of first-ranking mortgages over commercial real estate in Jersey and the U.K. The loans collateralize collateralize To pledge an asset as security for a loan. A loan to a broker is collateralized by pledging securities. 48 commercial properties. The highest exposure in the pool is to Liffe (London International Financial Futures and Options Exchange London International Financial Futures and Options Exchange (LIFFE) A leading market for trading options and futures on euro money market derivatives. ), which represents 16.35% of the income in the pool. The ratings reflect: -- The credit quality of the underlying commercial mortgage loans; -- The quality of the underlying real estate; -- The interest rate hedging and the liquidity facility arrangements; and -- The security package. The rating on each class of notes also reflects the subordination of the classes of notes below it. The ratings address the timely payment of interest and receipt of principal not later than the legal maturity. The ability of the issuer to meet timely payment of interest is subject to an available funds cap on the class G and H notes that results in the write-off of unpaid interest in certain circumstances for these classes. The full presale report for this transaction was published today and is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale report can also be found on Standard & Poor's Web site at www.standardandpoors.com. Click on Credit Ratings; then, in the left navigation bar A set of buttons or graphic images typically in a row or column used as a central point that link you to major topic sections on a Web site. If the navigation bar is a single graphic image with multiple selections, it is known as an imagemap. See imagemap. under Browse by Business Line, select Structured Finance; scroll down to Presale Credit Reports to locate the article. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; or Stockholm (46) 8-440-5916. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com.
RATINGS LIST
Iolaus (European Loan Conduit No. 15) PLC
GBP394.208 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Preliminary Preliminary
Rating Amount (Mil. GBP)
A AAA 279.350
B AAA 9.500
C AA 30.000
D A 31.750
E BBB 15.750
F BBB 10.000
G BB 15.858
H BB 2.000
ANALYST E-MAIL ADDRESSES adam_matejczyk@standardandpoors.com michelle_weston@standardandpoors.com ashley_reed@standardandpoors.com StructuredFinanceEurope@standardandpoors.com Copyright 2003, Standard & Poor's Ratings Services |
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