June 29 -
-- Based on the application of our 2012 counterparty criteria, we have now capped our ratings in UniCredit Bank AG's Building Comfort 2008 transaction at 'A (sf)'.
-- We have lowered our ratings on the class A+, B+, C+, and D+ notes in the transaction.
-- Building Comfort 2008 is a synthetic, partially funded, German RMBS transaction issued by UniCredit Bank AG.
Standard & Poor's Ratings Services today lowered its credit ratings on the class A+, B+, C+, and D+ notes issued by UniCredit Bank AG's Building Comfort 2008 transaction (see list below).
Building Comfort 2008 is a synthetic, partially funded, German 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 the balance sheet of UniCredit Bank AG (formerly Bayerische Hypo- und Vereinsbank AG).
Today's rating actions follow the application of our 2012 counterparty criteria--specifically to funded synthetic transaction counterparties and accounts (see "Counterparty Risk Framework Methodology And Assumptions," published on May 31, 2012).
Under these criteria, our ratings in funded synthetic transactions receiving direct support from counterparties or accounts are now capped at our issuer credit rating (ICR) on the relevant counterparty, if we rate the counterparty 'A+' or below.