S&P Asgns Prelim Rtgs to Mosaico Finance RMBS Notes.Business Editors LONDON--(BUSINESS WIRE)--Standard & Poor's May 1, 2001--Standard & Poor's today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. its preliminary ratings to the Eur95.2 million 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 due 2018 to be issued by Mosaico Finance S.r.l., a 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. (see list below). "Mosaico Finance will issue two classes of notes backed by collateral consisting of the performing and nonperforming loans acquired from three sellers," said Patrizia Medvedich, associate director at Standard & Poor's Structured Finance Ratings group in London. "The class B notes will be retained by the originators." The performing and nonperforming mortgage loans in the pool were originated by Banca di Credito Cooperativo di Cambiano S.c.r.l., Banca Alpi Marittime Credito Cooperativo Carru' S.c.r.l., and Banca di Credito Cooperativo di Fornacette S.c.r.l., and are secured over residential and commercial properties located in Italy. Each seller is the servicer of the portfolio it transferred to the issuer. The three servicers have agreed to enter into back-up servicing agreements so that each of them will take on the servicing role for the portfolios originated by each of the other two banks on pre-agreed terms, should one of the banks no longer be eligible to be a servicer in the transaction. The preliminary ratings reflect the strong protection for the noteholders provided by the relevant subordination; the excess spread; the suitability of the servicers to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their role in the transaction; the sound legal structure; and the whole payment structure and cash flow mechanics of the transaction. A copy of Standard & Poor's complete presale pre·sale n. 1. The period before something, such as a work of art, is available for sale to the public. 2. An exclusive or private sale held before an advertised sale. report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on 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. Web site at www.standardandpoors.com. Under Presale Reports, select Structured Finance, then RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities , Standard & Poor's said. ---CreditWire PRELIMINARY RATINGS ASSIGNED Mosaico Finance S.r.l. Eur95.2 Million Floating-Rate Notes Due 2018 Class Rating Amount (Mil. Eur) A AAA 83.35 B N.R. 11.85 N.R.-not rated. Copyright 2001, Standard & Poor's Ratings Services |
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