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28 Apr 2005
MOODY'S ASSIGNS DEFINITIVE RATINGS TO NOTES TO BE ISSUED BY CASTORO RMBS S.R.L.
EUR 648.5 Million of Debt Securities Affected.
Milan, April 28, 2005 -- Moody's Investors Service has assigned definitive ratings to Residential
Mortgage-Backed Floating Rate Notes issued by Castoro RMBS S.r.l.,
a special purpose vehicle incorporated in Italy in accordance with law
130/99. The following definitive ratings have been assigned:
- Aaa to the EUR 622.5 million Class A Notes due 2041
- Aa3 to the EUR 26 million Class B Notes due 2041.
The ratings address the expected loss posed to investors by the legal
definitive maturity. In Moody's opinion, the structure allows
for the timely payment of interest and ultimate payment of principal by
the legal definitive maturity.
Moody's said that the ratings are based on: (1) The credit quality
of the underlying mortgage loans; (2) The protection provided to
the notes by relative subordination of the more junior notes; (3)
The protection provided by the gross excess spread potentially trapped
through the cash allocation structure that is enhanced by triggers;
(4) The swap agreement entered into with ABN Amro to hedge against interest
rate fluctuations; (5) The protection provided by the Liquidity Facility;
(6) The capacity and experience of Unipol Banca SpA as Servicer of the
loans; and (7) The transaction's structure and legal features,
including the inherent protections provided under Law 130.
The Notes will be backed by a portfolio of 7,800 residential and
commercial mortgage loans, extended to 7,701 obligors for
an overall amount of EUR 640 million plus approx. EUR 15 million
of cash due to amortisation of the portfolio.
All loans are in bonis (performing) and all of them benefit from an economic
first lien mortgage (ipoteca) on the actual property. The collateral
portfolio has a WA current LTV of 55.82 per cent (WA original LTV
of 58.8 per cent) and a WA seasoning of 1.4 year.
The portfolio also presents a good granularity with the top 10 debtors
summing up to 0.9 per cent. The portfolio is quite diversified
geographically: 17.3 per cent of the loans have been originated
in the South of Italy, 32 per cent in the Centre of Italy and the
remaining part comes from the North (51 per cent).
To obtain a copy of Moody's report for this transaction, please
contact Anna Di Gennaro in Milan at +39 02 58 215 580 or visit our
website at www.moodys.com. For additional information
on Moody's Italia or Moody's Europe, visit our web site at www.moodys.it
Structured Finance Group
Moody's France S.A.
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Structured Finance Group
Moody's Investors Service
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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