Although Poland has seen a few domestic securitization programs, until now it had not seen a deal that had achieved ratings to international standards. "The first structured finance transaction, which has been structured to international standards, emerged from Poland this month," says Arkadiusz Wicik, analyst at Fitch Ratings.

The deal referenced is DTC Real Estate Finance SP. z.o.o, which has been arranged by ABN AMRO Poland and EPH-EBK, a local Polish bank and subsidiary of HypoVereinsbank. DTC Real Estate was issued with only one class, amounting to 320 million Polish zlotys (US$83.70 million) and was rated BBB' by Fitch. DTC Real Estate Finance also represents the first commercial mortgage-backed securitization to be rated in Poland.

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