Rating Raised On Greek RMBS Transaction Estia Mortgage Finance#s Class A Notes Following Sovereign Upgrade

Stocks and Financial Services Press Releases Thursday July 5, 2018 16:08
MILAN--5 Jul--S&P Global Ratings
MILAN (S&P Global Ratings) July 5, 2018--S&P Global Ratings today raised to 'BBB- (sf)' from 'BB+ (sf)' its credit rating on Estia Mortgage Finance PLC's class A notes.

Today's upgrade follows our June 25, 2018, raising of our long-term sovereign credit rating on Greece to 'B+' from 'B' (see "Long-Term Ratings On Greece Raised To 'B+' On Reduced Sovereign Debt Servicing Risks; Outlook Stable").

In our previous full review of the transaction, we performed our credit and cash flow analysis of the most recent transaction information as of the April 2018 interest payment date (IPD; see "Ratings Raised On Estia Mortgage Finance's Class A And B Greek RMBS Notes; Class C Rating Affirmed," published on June 11, 2018). The next IPD is due at the end of July 2018.

The application of our RAS criteria caps our ratings on the notes in this transaction at four notches above our long-term foreign currency rating on Greece. However, as not all of the conditions in paragraph 48 of the RAS criteria are met, we cannot assign the two additional notches of uplift to the ratings in this transaction. Furthermore, our counterparty and credit and cash flow analyses remain unchanged since our previous review. Consequently, we have raised to 'BBB- (sf)' from 'BB+ (sf)' our rating on the class A notes.

Our ratings on the class B and C notes are unaffected by today's rating action as they are lower than our rating on Greece.
Estia Mortgage Finance is a Greek residential mortgage-backed securities transaction backed by Greek mortgage loans, which Piraeus Bank originated.

Latest Press Release

SET market report for March 2020

The Stock Exchange of Thailand (SET) Index ended March at 1,125.86 points, down 16 percent from the previous month, while the average daily trading value of SET and Market for Alternative Investment (mai) in the month surged 34.8 percent from the 2019...

In Time of Need, IMA to Provide Free Access to Many Resources to Nonmembers for 90 Days

IMA(R) (Institute of Management Accountants), the association of accountants and financial professionals in business, wants to help those in the accounting and finance profession cope with the disruption caused by the COVID-19 pandemic. Therefore, IMA is...

JWD confident of good Q1/2020 performance despite COVID-19 impact New solutions introduced for customers along with BCP for continuity

JWD InfoLogistics Public Company Limited (JWD) is confident of maintaining satisfactory overall first quarter performance following the continuous good achievements in general warehousing, domestic and cross-border transport businesses, although the...

COVID-19 pandemic drives number of new SCB EASY App users to 200,000, while donation transactions jump by 10 times

Customer ID authentication for opening new SCB accounts at 7-Eleven reaches 10,000 accounts in 3 days Driven by the COVID-19 pandemic, consumers are now avoiding cash and non-essential commutes. As a result, they are turning to digital channels for...

Krungsri Auto Expands Relief Measures for Customers Impacted by COVID-19

Krungsri Auto, a leader in automotive finance under Bank of Ayudhya PCL, announced that it has expanded assistance measures for auto finance customers who have been impacted by the spreading of COVID-19, in response to the Bank of Thailand’s...

Related Topics