Hong Kong Homes Funding Corp (1) Notes RatedAAA.
MELBOURNE--(BUSINESS WIRE)--Standard & Poor's CreditWire 6/17/97-- Standard & Poor's today has assigned its triple-'A' long-term rating to Hong Kong Homes Funding Corp. (1) Ltd.'s US$144 million mortgage-backed, floating-rate notes due 2017.
The notes are secured by a pool of Honk
The rating primarily reflects the guarantee provided by MBIA Insurance Corp. (MBIA), which supports the full and timely payment of interest due on the monthly payment dates and ultimate repayment of principal no later than the notes final maturity date in August 2017. MBIA's claims-paying ability rating is triple-'A'.
In addition to the MBIA note policy, the rating reflects:
-- The 6.18% reserve fund to cover credit and liquidity losses as well as any shortfalls as a result of the interest rate mismatch caused by the assets being indexed to Sanwa Finance's best lending rate (or PRIME rate) and the liabilities being indexed to HIBOR;
-- The interest rate and currency swap provided by The Chase Manhattan Bank, London branch (single-'A'-plus);
-- Very strong credit quality and historical performance of the mortgage loans; and
-- The payment and legal structure of the transaction.
Sanwa Finance, a subsidiary of The Sanwa Bank Ltd., has been originating mortgages loans in Hong Kong since 1989. The aggregate mortgage pool has a weighted average original loan-to-value ratio of approximately 63% and seasoning of about 1.5 years. The mortgaged properties are geographically diversified throughout Hong Kong Island, Kowloon, and the New Territories, Standard & Poor's said.---CreditWire.
CONTACT: Betty Tan, Hong Kong (852) 2-533-3516
Yu-Tsung Chang, Tokyo (81) 3-3593-8724
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