S&P Asgns Prlm Rtgs in GMAC-RFC's Latest UK RMBS Deal.Business Editors LONDON--(BUSINESS WIRE)--Sept. 5, 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 ratings to the mortgage-backed floating-rate notes to be issued by RMAC RMAC Rocky Mountain Athletic Conference RMAC Robert Morris Acquisition Center (US Army) RMAC Regional Mine Action Center RMAC Rocky Mountain Adventure Channel (Estes Park, CO) RMAC Repeater Medium Access Control 2003-NS3 PLC, an SPE SPE - Software Practice and Experience (see list below). The notes are backed by a pool of first-ranking mortgages secured over freehold and leasehold properties located in England, Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. , Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. , and Scotland. The mortgages were originated by GMAC-RFC Ltd., which was formed by GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Residential Funding Corp., an indirect, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of General Motors Acceptance Corp. (GMAC), itself a wholly owned subsidiary of General Motors Corp. The ratings reflect the sound payment structure and cash flow mechanics of the transaction. The ratings also reflect the support in the form of a financial guarantee provided to the class A1, A2, and A3 notes by Ambac Assurance UK Ltd. (AAA/Stable/--). The guarantee addresses the financial ability of the issuer to meet full and timely payment of interest and ultimate payment of principal on the notes in their respective currency. 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 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. ; then, under Browse by Sector, 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 RMAC 2003-NS3 PLC GBP500 Million (Equivalent) Mortgage-Backed Floating-Rate Notes Class Preliminary rating Preliminary amount (Mil. EUR) A1a AAA (a)165 A1b AAA A2a AAA (a)285 A2b AAA A2c AAA A3 AAA (a)50 A3 DAC AAA C N.R. (a) Figures are given for the whole tranche. The currency divide between classes is not available. Class A1a, A2a, and A3 will be denominated in British pounds sterling, class A1b and A2c in U.S. dollars, and class A2b in euros. N.R.--Not rated. ANALYST E-MAIL ADDRESSES alexandra_gropp@standardandpoors.com StructuredFinanceEurope@standardandpoors.com Copyright 2003, Standard & Poor's Ratings Services |
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