Preliminary Ratings Assigned To U.K. RMBS Transaction Silverstone Master Issuer Series 2018-1

Stocks and Financial Services Press Releases Tuesday February 6, 2018 18:19
LONDON--6 Feb--S&P Global Ratings

LONDON (S&P Global Ratings) Feb. 6, 2018--S&P Global Ratings has assigned its preliminary 'AAA (sf)' credit ratings to Silverstone Master Issuer PLC series 2018-1's class 1A, 2A, and 3A notes (see list below).

This will be the ninth issuance from this master trust since its inaugural issuance in 2008. Nationwide Building Society (Nationwide) originated the underlying collateral, which will comprise U.K. prime residential mortgage loans. At closing, the trust's collateral is expected to total about GBP9.28 billion. The trust's property includes loans originated by Portman Building Society, which merged with Nationwide in August 2007.

The transaction has a revolving structure, so the pool's characteristics can change. To avoid a deterioration in the pool's credit quality, the transaction documents stipulate that asset substitution can only occur if certain conditions, mainly linked to the pool's performance, are met. The structure allows for the issuance of four primary types of notes: Hard- and soft-bullet notes, which redeem in one payment on a specific date. The hard-bullet notes' scheduled and legal maturity fall on the same date;

Scheduled amortization notes, which have one or more predefined scheduled principal payments; and
Pass-through notes, for which noteholders periodically receive principal.

Our preliminary ratings reflect our assessment of the transaction's payment structure, cash flow mechanics, and the results of our cash flow analysis to assess whether the class A notes would repay under our stress test scenarios. We stressed the transaction's cash flows to test the credit and liquidity support that the assets, the subordinated tranches, and the reserve fund will provide. Taking these aforementioned factors into account, we consider the available credit enhancement for the class A notes to be commensurate with our preliminary 'AAA (sf)' ratings.

Series 2018-1 will be the ninth note issuance from this socialist master trust, in which cash is allocated according to amounts due, and the issuer equally distributes shortfalls among issuances.

Latest Press Release

WICE establishes a joint-venture, EUROASIA TOTAL LOGISTICS, with its holding 40% of shares to provide cross-border transport services between China, Hong Kong

WICE establishes a joint-venture, "EUROASIA TOTAL LOGISTICS", with its holding 40% of shares to provide cross-border transport services between China, Hong Kong, and South East Asia with the expectation to achieve the first year's revenue at 200 million...

Photo Release: Krungsri Asset Management wins Best Asset Fund Manager 2018 from Alpha Southeast Asia

Miss Siriporn Sinacharoen, Managing Director, Krungsri Asset Management Company Limited received the Best Asset & Fund Manager Award 2018 from Alpha Southeast Asia magazine at a presentation ceremony on 18 September 2018. Behind-success factors...

Bangkok Bank Public Company Limited Offshore Offering and Issuance of US$1.2 Billion Senior Unsecured Notes under its US$3,000,000,000 Global Medium Term Note Program

Bangkok Bank Public Company Limited (the Bank), acting through its Hong Kong Branch, has offered and issued the following 2 tranches of US$1.2 billion senior and unsecured notes (the Notes) under its US$3,000,000,000 Global Medium Term Note Program to...

KBank-Visa to pilot blockchain based B2B payments

Kasikornbank is the first Thai bank in the pilot designed to simplify the cross-border payments, making it more transparent Visa today announced Kasikornbank is the first Thai financial institution to join the Visa B2B Connect pilot program. Visa B2B...

Photo Release: KBank offers financial facility to a leading plastic packaging company

At KBank Head Office, Mr. Thawee Teerasoontornwong (5th from right), KBank Executive Vice President, Mr. Wiwatana Panithansirikul (5th from left), Chief Executive Officer, and Ms. Suporn Panithansirikul (4th from left), Executive Director of S.P. PetPack...

Related Topics