LONDON, Feb. 11 /PRNewswire/ -- Standard & Poor's today raised its rating
on the class A-2 asset-backed floating-rate notes issued by Fennica No. 2 PLC
to 'AAA' from 'AA+'. At the same time, the 'A' rating on the B notes was
affirmed.
The rating actions follow the upgrade of the Republic of Finland to 'AAA'
from 'AA+', and reflect Finland's role in the Fennica No. 2 transaction as an
interest subsidy provider, transaction account provider, guaranteed investment
contract provider, and loan representation and warranty obligor.
The rating actions are also based on continued recognition of the
performance of the underlying loans, with stable levels of delinquencies and
no realized losses to date. The rating assigned to the class A-2 notes also
reflects the ample credit support in the form of surplus spread, a cash
reserve fund, and the subordination of the class B notes. The affirmation of
the rating on the class B notes reflects the support provided by surplus
spread, and the cash reserve, which amounted to EUR2,354,292 as of November
2001.
The notes issued by Fennica No. 2 are backed by a pool of loans originated
between 1973 and 1989 for the purpose of constructing, acquiring, or
renovating multifamily social rental housing in Finland, originated by the
Housing Fund of Finland (ARA).
SOURCE Standard & Poor's
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http://www.standardandpoors.com/ratings
CONTACT:
Stuart Nelson, +44-20-7826-3621, or Karen
Naylor, +44-20-7826-3533, both of Standard & Poor's
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