TEXT-S&P asgn prelim rtgs in Spanish SME ABS deal PYMES SANTANDER 3
(The following statement was released by the rating agency)
July 04 -
OVERVIEW
– We have assigned preliminary ratings to Fondo de Titulizacion de
Activos, PYMES SANTANDER 3′s class A, B, and C notes.
– This ABS transaction securitizes a pool of secured and unsecured loans
granted to Spanish SMEs and self-employed borrowers, and originated by Banco
Santander in Spain.
Standard Poor’s Ratings Services today assigned its preliminary credit ratings to Fondo de
Titulizacion de Activos, PYMES SANTANDER 3′s class A, B, and C notes (see list below).
This asset-backed securities (ABS) transaction securitizes a pool of secured
and unsecured loans granted by Banco Santander S.A. (A-/Negative/A-2) to
Spanish small and midsize enterprises (SMEs) and self-employed borrowers.
Banco Santander will also act as servicer, financial agent, and treasury
account provider.
The main features of the transaction are:
– The issuer is established as a “fondo de titulizacion de activos” (a
Spanish special-purpose entity with the purpose to issue the notes). At
closing, the transaction will feature a reserve fund that will provide credit
support to the class A and B notes. This reserve fund will cover shortfalls of
interest and payment of principal for the class A and B notes during the life