Fitch has withdrawn ratings on the Class A3 of emf-uk 2008, a securitisation of first-charge, near-prime and sub-prime residential mortgages originated by Southern Pacific Mortgage, Preferred Mortgages, Alliance and Leicester, and Matlock Bank, in order to rate the newly created Classes Ala, A2a and A3a as AAA, AA and A respectively. Following the bankruptcy of Lehman Brothers, which acted as currency swap provider for the deal, a stipulated claim amount of US$75m had been agreed to under termination and settlement agreements. Until July 2014, aggregated proceeds of US$50.3m were pulled together, representing about 67% of the stipulated amount. These were converted into £29.8m as part of the restructuring and combined with the existing fully-funded cash reserve, Fitch said.
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