|
|
Article: Capital Asset Announces $285.4 Million Securitization Largest Tax Lien Transaction Ever.
- Article from:
- Business Wire
- Article date:
- December 23, 1997
CopyrightCOPYRIGHT 1997 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)
|
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Dec. 23, 1997-- Capital Asset Research Corporation, the nation's largest purchaser and servicer of tax liens, announced today that the Company recently completed a $285.4 million offering of asset-backed securities.
The private placement transaction, Series 1997-A, is the largest tax lien securitization to date. The issue is rated "AAA" (Triple-A) by Standard & Poor's Rating Services and Duff & Phelps Credit Rating Co., and "Aaa" by Moody's Investors Service, Inc., and was guaranteed by MBIA. "The overall positive reaction to this offering was as we expected with the `AAA' ratings, high quality of the collateral, ...