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Please find below our latest publications, podcasts, new issues/presales, ratings actions and upcoming events. Click the article titles to access the full reports. As you may have noticed we have made some exciting updates to our website, www.spglobal.com/ratings. The content within our email is free to view but requires registration to be accessed. Registration takes less than a minute.
 Latest Publications
Mortgage lenders now have the green light from the FCA to begin using a modified affordability assessment for borrowers who meet certain criteria. As a result, we expect prepayment rates will increase significantly from fourth-quarter 2020, which will have an impact on the pre-crisis U.K. residential mortgage-backed securities (RMBS) deals we rate. Read more here.
The past decade has seen a lot of activity in the European nonperforming loans (NPL) market as several banks from different European countries started to offload toxic loans from their portfolios. In this report, S&P Global Ratings focuses on five markets that either have dominated the scene since 2009, or are currently under the spotlight: Italy, Ireland, Spain, Portugal, and Greece. View the full article here.
Please join S&P Global Ratings' leading Corporate Real Estate, CMBS and Public Finance analysts for a live webcast on Tuesday, 19 November at 2:00 p.m. GMT / 3:00 p.m. CET / 9:00 a.m. EST. For more information please Register here
 New Issues And Presales
Presale: CVC Cordatus Loan Fund XVI DAC
S&P Global Ratings has assigned its preliminary credit ratings to Cardiff Auto Receivables Securitisation 2019-1 PLC's (CARS 2019-1's) asset-backed floating-rate class A and B notes. At closing, CARS 2019-1 will also issue unrated fixed-rate class S notes. Our ratings address timely payment of interest and ultimate payment of principal on the class A and B notes. This will be the first U.K. ABS transaction with receivables originated by Black Horse Ltd. that we've publicly rated. View full report here.
Presale: Small Business Origination Loan Trust 2019-3 DAC
S&P Global Ratings has assigned its 'AA (sf)', 'AA (sf)', 'A+ (sf)', and 'BBB+ (sf)' preliminary ratings to Small Business Origination Loan Trust 2019-3 DAC's (SBOLT 2019-3) floating-rate class A, B-Dfrd, C-Dfrd, and D-Dfrd notes, respectively. Read more.
 Rating Action News
Following our review of Towd Point Mortgage Funding 2019 - Auburn 13 under our relevant criteria, we have raised to 'BBB+ (sf)' from 'BBB (sf)' our credit ratings on the class E-Dfrd notes, and affirmed our ratings on the class A1, A2, B-Dfrd, C-Dfrd, and D-Dfrd notes. Click here.
We have reviewed Ripon Mortgages PLC following the implementation of our revised criteria and assumptions for rating U.K. RMBS transactions. Ripon Mortgages PLC is a securitization of a pool of first-lien buy-to-let U.K. residential mortgage loans, originated by Bradford & Bingley PLC and Mortgage Express. Read more.
We have reviewed Chester A following the implementation of our revised criteria for rating U.K. RMBS transactions. Chester A securitizes a seasoned pool of first-lien U.K. residential mortgages originated by Northern Rock. View now.
We have reviewed Precise Mortgage Funding 2015-1 following the implementation of our revised criteria and assumptions for rating U.K. RMBS transactions.
Following our review, we have raised our ratings on the class C and D notes, and affirmed our ratings on the class A and B notes. Read now.
We have reviewed Precise Mortgage Funding 2014-2 following the implementation of our revised criteria and assumptions for rating U.K. RMBS transactions.
Following our review, we have raised our ratings on the class C and D notes, and affirmed our ratings on the class A and B notes. Read now.
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
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+44 207 176 3729
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