Oct 9 - Fitch Ratings has affirmed Stanton MBS I plc, as follows:
Class A1 (ISIN XS0202635040): affirmed at 'Asf', Outlook StableClass A2 (ISIN XS0202637418): affirmed at 'BBsf', Outlook NegativeClass B (ISIN XS0202637848): affirmed at 'Bsf', Outlook NegativeClass C (ISIN XS0202638499): affirmed at 'CCCsf'Class D (ISIN XS0202639208): affirmed at 'CCsf'
The affirmation reflects the stable performance of the transaction since thelast review in October 2011. Class A-1 is deleveraging due to natural portfolioamortisation and also the interest diversion mechanism. The latter results fromthe overcollateralisation tests, which have been breached since 2008. Since thelast review, the class A-1 notes have been repaid by EUR27m, representing around12% of their original size.
The deleveraging of the transaction has offset the negative rating migration inthe portfolio. The portfolio has been impacted by the downgrade of severalSpanish RMBS assets. The transaction exposure to the peripheral eurozonecountries represents approximately 22%.
Stanton MBS I is a securitisation of European structured finance assets, mainlymezzanine RMBS and CMBS assets of sub-investment grade quality. The portfolio isactively managed by Cambridge Place Investment Management LLP, a specialistmanager, focused on asset-backed securities and related instruments.
Additional information is available at
. The ratings abovewere solicited by, or on behalf of, the issuer, and therefore, Fitch has beencompensated for the provision of the ratings.
Source of information: Transactions trustee reports.
Applicable criteria "Global Structured Finance Rating Criteria", dated 06 June2012; "Global Rating Criteria for Structured Finance CDOs", dated 03 October2012; "Counterparty Criteria for Structured Finance Transactions", dated 30 May2012 are available at
.Applicable Criteria and Related Research:Global Structured Finance Rating CriteriaGlobal Rating Criteria for Structured Finance CDOsCounterparty Criteria for Structured Finance Transactions(New York Ratings Team)