Thursday, 19 February 2009

S&P Downgrades Ratings on 24 Securitisations Across Emerging Markets, Following MBIA Rating Cut

Standard and Poor's cut the ratings of 24 transactions involving the securitisation of mortgages, loans and other assets following its decision to downgrade MBIA Corp's ratings to BBB+ from AA. Five of those securitisations are related to residential mortgage-backed bonds issued by Mexican banks, in addition to Petróleo Brasileiro SA's securitisation of export receivables and Cia. Vale do Rio Doce SA's asset-backed securities sold in 2003.

Following is a list with the rating actions:

PF Export Receivables Master Trust (Petrobras)

2003-B A- AA
GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales II (MXMACFW)

07-3U BBB+ AA

07-5U BBB+ AA
Hipotecaria Su Casita - Bursatilizaciones de Hipotecas Residenciales III (BRHCCB)


07-2U BBB+ AA
Hipotecaria Su Casita - Residential Mortgage Backed Notes Due 2035

International Diversified Payment Rights Co. (Banco Bradesco)

2004-1 A AA

Bancomer Receivables Master Trust

2004 A+ AA
CVRD Finance Ltd.

2003-1 BBB+ AA

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