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Transition Study: One Year On: What Are The Results Of The European CMBS Rating Review? May 10
Standard & Poors, May 2010
Abstract
Since the global recession hit in 2007, the European commercial real estate market has suffered continuing credit problems, driven by a decline in property values and a shortage of financing options. As a result, on May 13, 2009, Standard & Poor's Ratings Services began a review of its outstanding ratings on all European commercial mortgage-backed securities (CMBS) transactions. This review spanned an outstanding volume of approximately -120 billion across 188 transactions. As of March 31, 2010, we have reviewed 876 tranches in 169 transactions, and lowered our ratings on 452 tranches in 103 transactions by an average of 4.15 rating notches. Although these downgrades have occurred across all rating categories, junior rating categories have seen more rating actions than senior...
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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