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The Journal of Structured Finance

The Journal of Structured Finance

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Primary Article

Securitizations of “New Asset” Classes

A Rating Approach

Ellen Welsher and James R Penrose
The Journal of Structured Finance Summer 2004, 10 (2) 20-23; DOI: https://doi.org/10.3905/jsf.2004.426063
Ellen Welsher
A managing director at Standard & Poor's Credit Market Services in New York, NY.
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  • For correspondence: ellen_welsher@standardandpoors.com
James R Penrose
A managing director and associate general counsel at Standard & Poor's Credit Market Services in New York, NY.
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  • For correspondence: james_penrose@standardandpoors.com
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Abstract

Securitization was applied first to mortgage loans and later to credit card receivables. Since then, many new asset classes have been securitized, some more successfully than others. The key to success is whether the asset class can be commoditized, i.e., whether its cash flows are stable and predictable and relate to a service provided en masse to the public. A rated new-asset transaction is based on either a pool of amortizing receivables or a future flow of operating income from the active use of transaction assets. Within the future-flow category exists a degree of operating and market risk not found in an amortizing receivable deal. The rating analysis of a new-asset transaction can be challenging because of the lack of precedent. The complexity, the structural difficulty, and the uniqueness of a particular transaction suggest that its rating may not always be much higher than that of the issuer.

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The Journal of Structured Finance
Vol. 10, Issue 2
Summer 2004
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Securitizations of “New Asset” Classes
Ellen Welsher, James R Penrose
The Journal of Structured Finance Jul 2004, 10 (2) 20-23; DOI: 10.3905/jsf.2004.426063

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Securitizations of “New Asset” Classes
Ellen Welsher, James R Penrose
The Journal of Structured Finance Jul 2004, 10 (2) 20-23; DOI: 10.3905/jsf.2004.426063
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