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Preliminary Ratings Assigned To Lannraig Master Issuer’s Series 2018-1 U.K. Buy-To-Let RMBS Notes

หน้าแรก > ข่าวธุรกิจ > Preliminary Ratings Assigned To Lannraig Master Issuer’s Series 2018-1 U.K. Buy-To-Let RMBS Notes
ผู้โพส : Admin / วันที่โพส : 2018-10-11 14:16:34
คำค้นหา : Standard & Poor's S&P Global Ratings Keyword: S&P


Preliminary Ratings Assigned To Lannraig Master Issuer’s Series 2018-1 U.K. Buy-To-Let RMBS Notes




          LONDON (S&P Global Ratings) Oct. 11, 2018--S&P Global Ratings today assigned its preliminary 'AAA (sf)' credit ratings to Lannraig Master Issuer PLC's series 2018-1 class 1A and 2A notes. At closing, Lannraig Master Issuer PLC will also issue a class Z1 unrated variable funding note (VFN) (see list below).
          A pool of first-ranking mortgages, secured on properties in England, Scotland, and Wales, will back the notes. Clydesdale Bank PLC and Yorkshire Bank Home Loans Ltd. originated the mortgages in the master trust. 
          Clydesdale Bank, a wholly owned subsidiary of CYBG PLC, offers a comprehensive range of banking and other related services. Its mortgage business typically focuses on residential prime owner-occupied borrowers, as well as buy-to-let mortgage products originated through its branch network and intermediaries.
          This will be the third public issuance from the Lannraig Master Trust, which was established in 2011.
          Of the preliminary pool, about 29% are offset mortgages, where a mortgage loan's current balance and the borrowers' corresponding current or savings account balances are offset against each other to reduce interest payments on the mortgage loan. If the seller becomes insolvent, the borrowers could set off their mortgages against their deposits or current account balances. Therefore, these loans are subject to setoff risk. Furthermore, the trust relies on the seller to pay the offset rebate, which is the difference between the interest payment that would be due without the offsetting, and the interest payment that is due after taking the offsetting into consideration. 
          Our preliminary ratings reflect our analysis of the transaction's payment structure and cash flow mechanics to determine the likelihood of repayment of the notes under stress test scenarios. In our analysis, we also considered the protection for noteholders, which comes from a combination of subordination, a reserve fund, and excess spread, which mitigates credit losses and income shortfalls.
 
 
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