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Paragon deal gets AAA rating

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  • 09/04/2002
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Paragon Mortgages has issued its largest securitisation to date after opening a £500m transaction to...

Paragon Mortgages has issued its largest securitisation to date after opening a £500m transaction to investors.

The deal is part of Paragon’s buy-to-let securitisation programme and the three major rating agencies, Moody’s, Standard & Poor’s and Fitch have all awarded the securitisation a AAA rating ‘ the highest available.

Nigel Terrington, chief executive, said the transaction reflects the buoyancy of the buy-to-let market.

‘The structure of this transaction, the AAA rating given to the class A notes, and the low level of the first loss fund, provide tangible evidence of the market’s view that buy to let in general represents outstanding credit quality. Having been the first to tap the mortgage-backed market 15 years ago, we are delighted to have completed our largest deal ever,’ he said.

The transaction has been arranged by ING Barings and comprises £457.5m class A floating rate notes, which are due in 2032, and £42.5m class B floating rate notes due in 2044.


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