Presale

Prime Structured Mortgage (PriSM) Trust: Presale Report

RMBS

Summary

The rating actions follow a structural change proposed by the Issuer since the provisional ratings were assigned on February 11, 2020. The Certificate Rate on the Class IO Certificates was lowered, to a rate of not higher than 0.01%, and as a result, excess spread in respect of the Class A Certificates and the Class VFC Certificates became generally available to provide support in respect of losses. This provides additional credit enhancement for the non-IO Certificates and warrants the higher ratings of the four lowest-rated classes of Certificates.

Ratings

Prime Structured Mortgage (PriSM) Trust
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

Enjoying our exclusive insights?

Register for a free account to get unrestricted access to our in-depth research, presale and ratings reports, and more. Access is limited for unregistered users.

Related Documents

Issuers

Contacts

More from Morningstar DBRS

Related Events

All Events