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Please find below our latest publications, podcasts, new issues/presales, ratings actions and upcoming events.
 Latest Publications
At the end of June 2019, the 12-month-rolling loan maturity default rate for the European commercial mortgage-backed securities (CMBS) in S&P Global Ratings' rated universe remained constant at 0%, as a result of no loan having defaulted at maturity in the last 12 months. There were no loans scheduled to mature between June 1, 2019, and June 30, 2019. View now
 New Issues And Presales
Presale: Hawksmoor Mortgage Funding 2019-1 PLC
Hawksmoor Mortgage Funding 2019-1 PLC (Hawksmoor 2019-1) is a U.K. nonconforming pool of residential loan mortgages (first-ranking owner-occupied and buy-to-let). It includes the collateral of two already-rated transactions, Hawksmoor 2016-1 (£1.6 billion; issued in August 2016) and Hawksmoor 2016-2 (£0.8 billion; issued in October 2016). It also includes an additional £88 million from the same originator, which was retained by Junglinster, the seller of the two previously issued Hawksmoor transactions, when the rest of the book was securitized in 2016. We have received loan-level data as of June 15, 2019... Read more.
S&P Global Ratings has assigned its 'AAA (sf)' ratings to Penarth Master Issuer PLC's class A1 and A2 asset-backed floating-rate 2019-1 notes. At closing, Penarth Master Issuer also issued unrated class A3 notes. The transaction uses a delinked issuance platform to issue these notes. Delinked issuance allows Penarth to issue different classes of rated notes at different intervals, provided there is sufficient credit enhancement to maintain the ratings on the outstanding notes... Read more.
New Issue: Sinopel 2019 B.V.
We have received loan-level data as of June 1, 2019. The €840,780,387 pool comprises 6,328 loan parts originated by Triodos Bank N.V. (Triodos). The assets are first-ranking owner-occupied mortgage loans secured against properties in the Netherlands. We have also received historical performance data for the entire Triodos portfolio since January 2012. The quality of data provided is in line with our standards. View full report.
S&P Global Ratings has assigned its credit ratings to Silver Arrow S.A., Compartment 10's asset-backed floating-rate class A, B-Dfrd, C-Dfrd, and D-Dfrd notes. At closing, Silver Arrow, Compartment 10 also issued unrated class Z notes. The class Z notes were issued above par with the excess used to fund the general reserve ledger at closing. This is Mercedes-Benz Bank's 10th German publicly-rated asset-backed securities (ABS) transaction and the fourth that we have rated. Read more.
 Recent Rating Actions
We have reviewed RMS 26 PLC following the implementation of our revised counterparty criteria and assumptions for rating U.K. RMBS transactions. We have raised our credit ratings on the transaction's class M2, B1, and B2 notes, and we have affirmed our ratings on the class A1 and M1 notes. RMS 26 PLC is a U.K. nonconforming RMBS transaction originated by Kensington Mortgage Co. Ltd., Money Partners Ltd., and Paratus AMC. Read more.
We have reviewed RMS 30 PLC following the implementation of our revised methodology and assumptions for rating U.K. RMBS transactions. RMS 30 PLC is a U.K. nonconforming RMBS transaction originated by Kensington Mortgage Co. Ltd., Money Partners Ltd., and Infinity Mortgages Ltd.. View full report.
On May 16, 2019, we raised our long-term ICR to 'A-' from 'BBB+' on NatWest Markets, the bank account provider for Portuguese RMBS transaction Magellan Mortgages No. 1. Consequently, we have raised our ratings on the transaction's class A and B notes to 'A- (sf)' from 'BBB+ (sf)'. Magellan Mortgages No.1 is a Portuguese RMBS transaction, which closed in December 2001. View article
ELIDE FCT Compartiment 2014-01 French RMBS Ratings Raised Following Review
We have reviewed ELIDE FCT Compartiment 2014-01 by conducting our credit and cash flow analysis. Following our review, we have raised to 'AAA (sf)' from 'AA (sf)' our ratings on the class A1 and A2 notes. ELIDE FCT Compartiment 2014-01 securitizes prime French residential mortgages that BRED Banque Populaire originated. Learn more.
Following our review of TDA Ibercaja 2 under our relevant criteria, we have raised our ratings on the class A, B, C, and D notes. TDA Ibercaja 2 is a Spanish RMBS transaction that closed in October 2005. View more.
BBVA-6 FTPYME's Class C Spanish SME CLO Notes Rating Raised
Following our review of BBVA-6 FTPYME's performance, we have raised our rating on the class C notes to 'CCC- (sf)' from 'D (sf)'. BBVA-6 FTPYME is a single-jurisdiction cash flow CLO transaction that closed in June 2007 and is backed by an amortizing portfolio of SME loans originated in Spain. Learn more.
We have reviewed EDT FTPYME PASTOR 3's performance, using data from the July 2019 management company report. Following our review, we have raised to 'A+ (sf)' from 'BBB+ (sf)' our rating on the class C notes. EDT FTPYME PASTOR 3 is a Spanish cash flow CLO transaction that closed in December 2005 and securitizes loans to SMEs. The collateral pool comprised both secured and unsecured loans at closing. View more.
On July 17, 2019, Kutxabank published a commitment to maintain a minimum level of overcollateralization commensurate with the maximum potential notches of collateral-based uplift. As a result of this commitment and following the application of our covered bonds criteria, we have raised to 'AA' from 'AA-' our ratings on Kutxabank's Spanish mortgage covered bond program and outstanding issuances. The positive outlook on the ratings reflects the outlook on our unsolicited long-term rating on Spain. View more.
 Publications From Other Sectors
Amid growing signs of an economic slowdown, central banks have once again signaled a return to the tried and tested analgesic of monetary stimulus. Our base case remains that stimulus will avert recession, but systemic fragilities and ebbing corporate credit quality give cause for concern. View more.
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.
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Kind regards,
Andrew South
Head of Structured Finance Research, EMEA
S&P Global Ratings
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Contacts
Head of EMEA Structured Finance
Commercial
+44 207 176 3591
Content Distribution
+44 207 176 3729
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+44 20 7176 0289
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