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European CMBS Monthly Bulletin (March 2011): The Struggle To Meet Loan Maturity Payments Continues Mar 11

  • ID: 1721433
  • March 2011
  • Region: Europe
  • Standard & Poors

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  • ASAR International S.A.
  • DECO 8 - UK Conduit 2 PLC
  • EuroProp (EMC VI) S.A.
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Abstract
Loans in European commercial mortgage-backed securities (CMBS) are following the trend set in 2010 when they showed a greater propensity to fall into default, extend, or enter into standstill than to meet their maturity payment obligations. February is no exception to this when, out of the seven loans scheduled to mature, only one loan has met its maturity obligation. (The one loan scheduled to mature in March also failed to meet its maturity obligation.) These loan performances colored February's loan level activity and contributed significantly to loan delinquencies and transfers to special servicing. In February, loan repayments, loss allocations, and note interest shortfalls as well as new issuance drove rating activity at the note level. We lowered our rating on...

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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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