New Issue: Tax Liens Securitization Trust 2010-1
6658 words —
Published Feb 14, 2011
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The ratings assigned to Tax Liens Securitization Trust 2010-1's tax lien asset-backed pass-through certificates reflect our view of: The likelihood that the hard credit enhancement of 0.97%, in the form of overcollateralization and subordination, for the group I senior certificates will be able to withstand our 'AAA' stress scenarios; The likelihood that the hard credit enhancement of 1.41%, in the form of overcollateralization and subordination, for the group II senior certificates will be able to withstand our 'AAA' stress scenarios; The excess spread that we expect will be available from the interest and fees accrued on the outstanding tax liens, which is used to turbo the class I-A-X and II-A-X certificates; The likelihood that the class I-A-1, 1-A-2, II-A-1, and
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RESEARCH Ratings Definitions PDF New Issue: Tax Liens Securitization Trust 2010-1 $301.362 million tax lien asset-backed certificates series 2010-1 Publication date: 14-Feb-2011 Primary Credit Analyst: Greg Koniowka, New York (1)...
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.