S&P Assigns Prelim Rtgs in SCIP's Italian CMBS Deal.Business Editors LONDON--(BUSINESS WIRE)--Dec. 12, 2001 Standard & Poor's today assigned its preliminary ratings to the asset-backed floating-rate notes to be issued by special-purpose entity S.C.I.P. - Societa Cartolarizzazione Immobili Pubblici S.r.l. (see list below). The collateral backing the notes is the sale proceeds from approximately 27,251 residential and 262 commercial properties throughout the Republic of Italy. The assets will be transferred to the issuer from seven entities, ENPALS ENPALS Ente Nazionale di Previdenza e di Assistenza per i Lavoratori dello Spettacolo e Dello Sport Professionistico (Italy) , INAIL INAIL Istituto Nazionale Infortuni sul Lavoro (Italy) , INPDAI INPDAI Istituto Nazionale di Previdenza per i Dirigenti Di Aziende Industriali (Italy) , INPDAP INPDAP Istituto Nazionale di Previdenza per i Dipendenti dell'Amministrazione Pubblica (Italy) , INPS INPS Istituto Nazionale di Previdenza Sociale (Italy) INPS Idaho Native Plant Society INPS Instituno Nacional de Previdência Social , IPOST IPOST Idaho Peace Officer Standards and Training , and IPSEMA, which are all social security public entities of the Italian government. Virtually all of the residential apartments are currently let to private tenants on a variety of occupational agreements and the majority of the commercial properties are subject to leases to business tenants. The preliminary ratings reflect the sufficiency of the anticipated net proceeds of liquidation of the portfolio of residential and commercial property assets to meet the interest and principal payments due under the terms of the notes, the cash reserve of EUR EUR In currencies, this is the abbreviation for the Euro. 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. 100 million available for drawing against any potential shortfalls in interest caused by volatility in the liquidation process, and interest rate hedging agreement with an appropriately rated counterparty. A copy of Standard & Poor's complete presale 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 Web site at www.standardandpoors.com. Under Presale Reports, select Structured Finance, then Asset-Backed Securities. PRELIMINARY RATINGS ASSIGNED S.C.I.P. - Societa Cartolarizzazione Immobili Pubblici S.r.l. EUR2.3 billion asset-backed floating-rate notes Series Rating* Amount (EUR Bil.) A1 AAA 1.0 A2 AAA 1.3 |
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