This transaction is a cash-flow securitisation of a EUR155m static pool of mortgage loans granted to individuals by Caja de Ahorros de Vitoria y Alava ( Caja Vital) (rated ‘A’/'F1′/Outlook Stable). The securitised mortgage loans are backed by Spanish subsidised housing assets.
Fitch Ratings-London-09 February 2009: Fitch Ratings has been informed by the servicer of the Mansard Mortgages transactions, Rooftop Mortgages Limited, that amendments to the transaction documentation have been made.
Fitch Ratings-London/Frankfurt-09 February 2009: Fitch Ratings will host a teleconference on Tuesday 10 February 2009 at 15:00GMT/16:00CET to discuss its recent proposals relating to loss severity assumptions for German residential mortgages.
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Fitch Ratings-London-09 February 2009: Fitch Ratings’ EMEA Industrials and Sovereign groups will host a joint teleconference on Tuesday 10 February, 14:00 GMT, to discuss key themes from its new report, “EMEA Industrial Capital Expenditure Cut-backs: Supporting Corporate Credit Profiles but Exacerbating Economic Slowdown.”
In its analysis, Fitch assumed a default of the sole tenant and a termination of all its leases. While the transaction benefits from a long remaining lease term, it is entirely dependent upon the activities and operations of a single tenant.
The downgrades reflect Fitch’s expectations that deteriorating market conditions have weakened the creditworthiness of the loans securitised in this transaction, especially the smaller loans.
Each rated class in the transaction has a Stable Outlook.