Article: S&P Asgns Prelim Rtgs in BHW's Third German RMBS.

Business Editors

FRANKFURT, Germany--(BUSINESS WIRE)--May 19, 2003

Standard & Poor's--Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the notes to be issued by Provide Blue 2003-1 PLC, an SPE, and credit default swap (see list below).

The transaction is a repeat of the first two German RMBS transactions arranged in February and November 2002 for BHW Bausparkasse AG, Hameln (BHW), a German building society.

In this transaction Kreditanstalt fur Wiederaufbau (KfW) will provide the certificates of indebtedness ("Schuldscheine") and will undertake jointly and severally with BHW to pay the ...

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