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European CMBS Monthly Bulletin (March 2010): Property Disposals Are Becoming More Prominent As Loan Delinquencies Rise Apr 10

  • ID: 1721394
  • April 2010
  • Region: Europe
  • Standard & Poors
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  • Broadgate Financing PLC
  • DECO 8 - UK Conduit 2 PLC
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  • Titan Europe 2006-5 PLC
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Abstract
In March 2010, the special servicer began marketing eight of the properties that secure the European commercial mortgage-backed securities (CMBS) transaction White Tower 2006-3 PLC. This provides the first example Standard & Poor's Ratings Services has seen in Europe of a special servicer using property disposals to work out a loan that became delinquent after failing to repay at maturity. By comparison, previous property disposal examples involved loans that became delinquent due to payment defaults during the loan term rather than at maturity. In this month's article we analyze three previous examples from this year where special servicers have used disposals to work out delinquent loans. This analysis will look at how factors such as debt service and property type...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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