S&P Asgns Prelm Rtngs to Two Compass RMBS Issues.Business Editors MELBOURNE, Australia--(BUSINESS WIRE)--Standard & Poor's Feb. 10, 2003--Standard & Poor's Rating Services said today it has assigned preliminary ratings to the 12th and 13th issues of Australian RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities by Compass Master Trust. Compass Master Trust Series 2003-1 and Series 2003-2 will each consist of two classes of 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 backed by prime residential mortgage home-equity loans Home-Equity Loan A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner's equity and the home's current market value. originated by Citibank Pty. Ltd. (AA/Stable/A-1+). The A$250 million class A notes have been assigned preliminary ratings of 'AAA' and the A$10 million class B notes have been assigned preliminary ratings of 'A'. The preliminary ratings are based on information as of Feb. 10, 2003. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. "This transaction will bring the volume of Compass Master Trust issuance to A$1.69 billion since 1999. The 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. of home-equity loans by Citibank gives investors an opportunity to gain exposure to a less prominent type of RMBS collateral while enjoying the same benefits as other prime-RMBS transactions," said Cameron Smith Cameron Smith (born 18 June 1983 in Brisbane, Queensland) is an Australian rugby league player for the Melbourne Storm and the Queensland State of Origin Team. Smith captained the Melbourne Storm in their 34-8 victory over the Manly Sea Eagles in the 2007 NRL Grand Final. , rating specialist, Structured Finance Ratings. 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. reports for these transactions are available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale reports can also be found on Standard & Poor's Web site at www.standardandpoors.com. Select Fixed Income. Then, under Browse by Sector, select Structured Finance and find the article under Presale Credit Reports. |
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