Standard&Poor's Ratings Services has assigned ratings to the €0.6 million floating-rate credit-linked notes issued by Bayerische Hypo- und Vereinsbank AG (HVB) in its Building Comfort 2007 transaction. Building Comfort 2007 is structured as a synthetic, partially funded RMBS transaction. Its purpose is to transfer credit risk associated with a pool of residential mortgage loans that are currently on HVB's balance sheet. The transaction aims to provide economic and regulatory capital relief to HVB. The initial reference pool amounts to approximately €4.5 billion. The risk transfer is achieved by the issuance of credit linked notes (CLNs) by HVB. The issuance of CLNs represents the funded portion of this transaction. The unfunded portion is represented through potential reference to the
