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European CMBS Monthly Bulletin (May 2009): Reviews Of European CMBS Deals Could Prompt Two-Category Rating Changes Jun 09
Standard & Poors, June 2009
Abstract
Last month Standard & Poor's Ratings Services commenced a review of all European CMBS transactions, taking account of the challenging real estate and real estate finance markets. Our surveillance focus included the refinance peaks of 2011 to 2014 in our analysis, and our review of transactions in May focused on transactions closing in the 18-month period from Jan. 1, 2007. In this group, over 80% of transactions (by number) are affected by CreditWatch placements. Our initial surveillance work shows that rating changes of two categories could be expected on average; for example, 'AAA' ratings being lowered to 'A'. The CreditWatch process is expected to be concluded this month with CreditWatch resolution by Sept. 30, 2009. A snapshot of May loan...
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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