LONDON, Feb. 5 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary ratings in U.K. mortgage lender GMAC-RFC Ltd.'s residential
mortgage-backed securities (RMBS) transaction (see list below).
The collateral backing the notes to be issued by special-purpose entity
RMAC 2002-NS1 PLC is a pool of first-ranking mortgages secured over freehold
and leasehold properties located in England, Wales, Northern Ireland, and
Scotland originated by GMAC-RFC, an ultimate subsidiary of General Motors
Corp.
The preliminary ratings reflect the sound payment structure, cash flow
mechanics, and sound legal structure of the transaction.
The ratings also reflect the financial guarantee of the class A1, A2, and
A3 notes from Ambac Assurance U.K. Ltd. ('AAA' insurer financial strength
rating), which addresses the financial ability of the issuer to meet full and
timely payment of interest and principal on the notes.
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 http://www.ratingsdirect.com. The report is also available on
Standard & Poor's Ratings Services Web site at
http://www.standardandpoors.com. Under Presale Reports, select Structured
Finance, then Residential Mortgage-Backed Securities.
PRELIMINARY RATINGS ASSIGNED
RMAC 2002-NS1 PLC
GBP600 million mortgage-backed floating-rate notes due 2034
Class Rating Amount (Mil. GBP)
A1 AAA 160
A2 AAA 380
A3 AAA 60
A3 Dac AAA N/A
C N.R. N.A.
N/A--not applicable.
N.A.--not available.
SOURCE Standard & Poor's
 back to top
Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Sean Hannigan, London, +44-20-7826-3783, or
Andre Vollmann, London, +44-20-7826-3855, both of Standard &
Poor's Ratings Services
|
