articles Ratings /ratings/en/research/articles/200925-gamma-s-portuguese-rmbs-transaction-atlantes-mortgage-no-7-s-class-a-rating-lowered-off-creditwatch-11665023 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

GAMMA's Portuguese RMBS Transaction Atlantes Mortgage No. 7's Class A Rating Lowered; Off CreditWatch


Danish Covered Bond Market Insights 2020


Servicer Evaluation: Trimont Real Estate Advisors LLC

Leveraged Finance & CLOs Uncovered Podcast: Diving into Root Bidco

Capital Markets View - October 2020

GAMMA's Portuguese RMBS Transaction Atlantes Mortgage No. 7's Class A Rating Lowered; Off CreditWatch


  • On July 1, 2020 we placed on CreditWatch negative our rating on the Gamma's Atlantes Mortgage No. 7's class A notes.
  • Following our review of this transaction under our relevant criteria, we have lowered and removed from CreditWatch negative our rating on the class A notes.
  • Atlantes Mortgage No. 7 is a Portuguese RMBS transaction, which closed in November 2010. BANIF Banco Internacional do Funchal (currently part of Banco Santander Totta) originated the loans in the pool.

MADRID (S&P Global Ratings) Sept. 25, 2020--S&P Global Ratings today lowered to 'A+ (sf)' from 'AA (sf)' and removed from CreditWatch negative its credit rating on the class A notes in GAMMA Sociedade de Titularizacao de Creditos S.A.'s Atlantes Mortgages No. 7.

Today's rating actions follow our July 1, 2020, CreditWatch negative placement of our rating on the class A notes (see "GAMMA's Portuguese RMBS Transaction Atlantes Mortgage No. 7's Class A Rating Placed On CreditWatch Negative"). Under the transaction documents, the issuer commits to replace the account bank if it fails to maintain the minimum eligible rating. The account provider, HSBC Bank PLC, is currently rated 'A+'. The minimum eligible rating under our counterparty criteria to support a 'AA (sf)' rating on the class A notes is 'A-'. Although the rating on the account bank remains above the minimum according to our counterparty criteria, it is lower than the current documented minimum rating in the transaction documents.

As the issuer has indicated that no remedy action has been implemented within the remedy period, we no longer view the replacement commitment as an effective mitigant to counterparty risk under our counterparty criteria. The rating on the class A notes is now weak-linked to our rating on HSBC Bank, as bank account provider. Therefore, we have lowered to 'A+ (sf)' from 'AA (sf)' and removed from CreditWatch negative our rating on the class A notes.

If new remedy actions are implemented in the future, we will analyze them in line with our counterparty criteria.

Atlantes Mortgage No. 7 is a Portuguese RMBS transaction, which closed in November 2010. BANIF Banco Internacional do Funchal (currently part of Banco Santander Totta) originated the loans in the pool.

Related Criteria

Related Research

Primary Credit Analyst:Fabio Alderotti, Madrid (34) 91-788-7214;

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at

Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to:

Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back