S&P may downgrade Kingfisher 2001-1D
Standard & Poor's Ratings Services today said that it has placed the rating on the A$10 million Series 2001-1D Class B notes issued by Kingfisher Securitisation Pty Ltd on CreditWatch with negative implications.
By Agencies |
Standard & Poor's Ratings Services today said that it has placed the rating on the A$10 million Series 2001-1D Class B notes issued by Kingfisher Securitisation Pty Ltd on CreditWatch with negative implications.
This action follows the CreditWatch Negative placement on the underlying asset, the Class B notes issued by Kingfisher Trust No. 2 under its residential mortgage-backed securities (RMBS) program.
The rating on the underlying asset is dependant on the rating of PMI Mortgage Insurance Ltd. (see the media release from Feb. 14, 2008: "S&P Puts Subordinated Classes Of Australian And New Zealand RMBS On CreditWatch Negative").
The long-term 'AA' insurer financial strength and counterparty credit rating on PMI Mortgage Insurance Ltd. was placed on CreditWatch with negative implications on Feb. 13, 2008.
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