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Article: Fitch Assigns Preliminary Rating to the First RMBS Transaction in Peru.
- Article from:
- Business Wire
- Article date:
- December 10, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has assigned a preliminary rating of 'BBB-' to the senior notes issued by the Trust Estate Mortgage Backed Securitization Instruments of Banco Continental First Issuance Trust. The senior notes, a U.S dollar denominated notes, benefit from a partial credit guarantee provided by Inter-American Development Bank (IDB). Fitch's proposed rating addresses the likelihood of timely payment of interest and ultimate payment of principal by the final scheduled distribution payment date for the notes. The underlying rating of the senior notes is based on the following:
--The initial level of overcollateralization (OC) equal to 5.0% of the collateral ...