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December 17, 2007 |
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MANSARD MORTGAGES 2007-2: S&P Rates Class B2 Notes at BB Standard & Poor's Ratings Services assigned its credit ratings to the GBP550 million mortgage-backed floating-rate notes issued by Mansard Mortgages 2007-2 PLC. This is Rooftop Mortgages Ltd.'s fifth securitization, following Farringdon Mortgages No. 1 PLC, Farringdon Mortgages No. 2 PLC, Mansard Mortgages 2006-1 PLC, and the most recent transaction, Mansard Mortgages 2007-1 PLC, which closed in March 2007. The notes are backed by a pool of first-ranking mortgages secured over freehold and leasehold properties in England, Wales, and Scotland. All the mortgages in the pool were originated by Rooftop. In this transaction, as in Mansard Mortgages 2007-1, the liquidity facility is used ahead of the reserve fund to cover any revenue shortfalls for senior expenses and note interest. Principal deficiency ledger triggers restrict the use of liquidity to cover interest on the subordinated notes. The liquidity fund is not available to clear PDL balances. Ratings List Mansard Mortgages 2007-2 PLC GBP550 Million Mortgage-Backed Floating-Rate Notes Amount Class Rating (Mln. GBP) ----- ------ -------- A1 AAA 413.040 A2 AAA 20.910 M1 AA 42.625 M2 A 31.350 B1 BBB 23.100 B2 BB 18.975 |
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