Standard & Poor's will rate the new $473.01 million Springleaf Financial RMBS.
The deal called Springleaf Mortgage Loan Trust 2012-1 is backed by subprime loans. S&P has assigned preliminary ratings to the class A, M and B notes.
In the current deal, the senior bonds will be structured with 45% credit enhancement, according to an S&P press release.
Springleaf sold an RMBS that was also backed by subprime loans in August last year. The senior bonds garnered a 'AAA' rating from S&P after the lender/servicer structured the deal with 51.15% credit enhancement.
The company is a former credit arm of American International Group and is 80%-owned by Fortress Investment Group.
