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European CMBS Monthly Bulletin (August 2009): Commercial Real Estate Weaknesses Continue To Hamper CMBS Performance Sep 09 Product Image

European CMBS Monthly Bulletin (August 2009): Commercial Real Estate Weaknesses Continue To Hamper CMBS Performance Sep 09

  • Published: September 2009
  • Standard & Poors

Abstract
While market commentators may debate whether the wider economic environment is beginning to turn, the performance of European commercial mortgage-backed securities (CMBS) remains tied to a commercial real estate market that remains under the continued stress of soft occupational markets, limited financing, and depressed capital values. European CMBS loan performance over August continued to reflect the effects of asset value and income deterioration with additional loans becoming delinquent, breaching covenants and moving into special servicing. Stresses at the loan level translated into issuer level losses, and in two transactions (Cornerstone Titan 2006-1 and Vulcan (ELOC 28)), resulted in Standard & Poor's Ratings Services lowering the rating on notes to 'D'. A snapshot of August loan delinquencies and non-monetary breaches is...

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DECO Series 2005-UK Conduit 1 PLC,European Prime Real Estate No. 1 PLC,BELLATRIX (ECLIPSE 2005-2) PLC,Cornerstone Titan 2005-1 PLC,Odysseus (European Loan Conduit No. 21) FCC,European Property Capital 3 PLC,DECO 7 - Pan Europe 2 PLC,Titan Europe 2006-1 PLC,Epic (More London) PLC,DECO 8 - UK Conduit 2 PLC,Titan Europe 2006-2 PLC,Titan Europe 2006-3 PLC,Windermere VIII CMBS PLC,Cornerstone Titan 2006-1 PLC,REC Plantation Place Ltd.,Epic (Industrious) PLC,GEMINI (ECLIPSE 2006-3) PLC,Taurus CMBS (U.K.) 2006-2 PLC,White Tower 2006-3 PLC,HERCULES (ECLIPSE 2006-4) PLC,Titan Europe 2006-4 FS PLC,NEMUS II (Arden) PLC,Titan Europe 2006-5 PLC,DECO 11 - UK Conduit 3 PLC,Alburn Real Estate Capital Ltd.,Cornerstone Titan 2007-1 PLC,DECO 14 - Pan Europe 5 B.V.,Indus (ECLIPSE 2007-1) PLC,Talisman-6 Finance PLC,Windermere X CMBS Ltd.,JUNO (ECLIPSE 2007-2) Ltd.,Titan Europe 2007-1 (NHP) Ltd.,Titan Europe 2007-2 Ltd.,Talisman-7 Finance Ltd.,Taurus CMBS (Pan-Europe) 2007-1 Ltd.,Windermere XI CMBS PLC,Titan Europe 2007-3 Ltd.,Vulcan (European Loan Conduit No. 28) Ltd.,Windermere XII FCC,Xuthus (European Loan Conduit No. 29) S.A.

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