Standard&Poor's Ratings Services has assigned credit ratings to the €15.25 million floating-rate credit-linked notes issued by Bayerische Hypo- und Vereinsbank AG (HVB) in its Building Comfort 2008 transaction. In addition, HVB issued €19.25 million unrated credit-linked notes. Building Comfort 2008 is structured as a synthetic, partially funded residential mortgage-backed securities (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 amounted to approximately €3.5 billion. The risk transfer is achieved by HVB issuing credit-linked notes (CLNs). The issuance of CLNs represents the funded portion of this transaction. The
