S&P Asgns Prelim Rtg in Italian Multibank NPL Deal.Business Editors LONDON--(BUSINESS WIRE)--Feb. 25, 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 that it assigned its preliminary credit rating to the class A asset-backed floating-rate notes Floating-rate note (FRN) Note whose interest payment varies with short-term interest rates. floating-rate note An unsecured debt issue with an interest rate that is reset at specified intervals (usually every six months) according to a to be issued by special-purpose entity Special-Purpose Entity A financing technique in which a company decreases its risk by creating separate partnerships, rather than subsidiaries, for certain holdings and solicits outside investors to take on the risk. (SPE SPE - Software Practice and Experience ) Mutina S.r.l. (see list below). The collateral backing the notes is made up of a portfolio of nonperforming loans, originated by nine Italian "banche popolari", and "certificati di credito del tesoro" (Italian treasury bonds), advanced by each originator to the SPE. The loans were originated by Banca Popolare Not to be confused with Banco Popolare, a larger Italian banking group. Banca Popolare is a cooperative bank operating primarily in the Tirol region of Italy. External links
"This is the first securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. transaction undertaken by this group of banks," said Alberto Nobili, associate at Standard & Poor's European Structured Finance Ratings group in London. The rating assigned to the notes reflects primarily the strong protection for class A noteholders in the form of overcollateralization represented by an amount of Italian treasury bonds equal to 120% of the class A notes at the closing date. The full presale report for this transaction was published on Feb. 25, 2003 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 Fixed Income; 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 Sector, select Structured Finance; scroll To continuously move forward, backward or sideways through the text and images on screen or within a window. Scrolling implies continuous and smooth movement, a line, character or pixel at a time, as if the data were on a paper scroll being rolled behind the screen. See auto 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
Mutina S.r.l.
EUR412.5 Million Asset-Backed Floating-Rate Notes
Class Preliminary Preliminary
rating amount (Mil. EUR)
A AA 228.000
C1 N.R. 12.069
C2 N.R. 12.143
C3 N.R. 24.001
C4 N.R. 61.830
C5 N.R. 9.987
C6 N.R. 10.487
C7 N.R. 3.432
C8 N.R. 31.094
C9 N.R. 19.466
N.R.--Not rated.
ANALYST E-MAIL ADDRESSES See Internet address. e-mail address - electronic mail address alberto_nobili@standardandpoors.com roberto_paciotti@standardandpoors.com StructuredFinanceEurope@standardandpoors.com Copyright 2003, Standard & Poor's Ratings Services |
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