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European CMBS Monthly Bulletin (February 2011): Signs Of Recovery Confined To The Prime End Of The Market Feb 11
Standard & Poors, Feb 2011
Abstract
Signs of recovery are being reported in the European commercial real estate market. In the U.K., for instance, asset sales have picked up in the past 12 months since their trough in 2009. However, any recovery has been at the prime end of the market, while European CMBS is predominantly secured by secondary assets. Standard & Poor's Ratings Services thus believes that the loan maturity performance will remain under pressure in 2011. The prime end of the U.K. market shows signs of strong recovery, in part because trophy assets with stable income that promise income security are currently in demand from foreign and institutional investors, according to recent reports. But the U.K. remains a two-tier market across all sectors. The...
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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