Please see below the latest articles from the European Structured Finance team.
 Latest Publications From Our Structured Finance Analysts
Whether or not a transition deal is reached by March 30, 2019, Brexit raises questions about disruption risk in cross-border contracts that involve regulated activities. This risk exists for issuers across all sectors where counterparties have relied on passporting rights to perform cross-border activities between the EU27 and the U.K.. For structured finance issuers, Brexit raises questions relating to counterparty and operational risks, particularly in instances where there are cross-border derivative exposures. In a scenario where no plan for the U.K.'s orderly withdrawal from the EU is agreed, the implication of Brexit on such derivatives would crystallize on March 30.
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Global Covered Bond Characteristics And Rating Summary Q4 2018
This article provides our assessment of the characteristics of listed covered bond programs that contribute to our rating opinions. We currently rate 97 covered bond programs and 16 Spanish "multicédulas" transactions.
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 New Issues And Presales
S&P Global Ratings has assigned preliminary credit ratings to STRONG 2018 B.V.'s residential mortgage-backed floating-rate class A and B notes. At closing, STRONG 2018 will also issue unrated class C notes.
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Presale: Salus (European Loan Conduit No. 33) DAC
S&P Global Ratings has assigned preliminary credit ratings to Salus (European Loan Conduit No. 33) DAC's class A, B, C, and D notes. At closing, Salus will also issue unrated class X certificates. The transaction is backed by one senior loan, which Morgan Stanley Principal Funding, Inc. originated in November 2018 to facilitate Brookfield Asset Management Inc.'s refinancing of the CityPoint office building located in central London.
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New Issue: Citizen Irish Auto Receivables Trust 2018 DAC
S&P Global Ratings has assigned its credit ratings to Citizen Irish Auto Receivables Trust 2018 DAC's (Citizen Auto 2018) class A, B-Dfrd, C-Dfrd, and D-Dfrd floating-rate asset-backed notes. At closing, Citizen Auto 2018 also issued unrated class E notes. The transaction is backed by a pool of both new and used auto finance receivables.
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 Latest Rating Actions
We have reviewed EDT FTPYME PASTOR 3's performance, using data from the July 2018 management company report, and have performed our credit and cash flow analysis applying our European SME CLO criteria.
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For access to more of our research and insights, please visit our dedicated Structured Finance website. If you have any questions regarding the reports included in this email, or would like to get in touch with one of our analysts, please contact us.
Kind regards,
Andrew South
Structured Finance Lead, Global Fixed Income Research
S&P Global Ratings
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