Ratings Lowered On CMBS Transaction Quirinus (ELOC 23)'s Class B To F Notes To Reflect Revised Recovery Expectations Mar 12
- Language: English
- Published: March 2012
OVERVIEW On March 24, 2011, we lowered the long-term sovereign credit rating on Portugal to 'BBB/Watch Neg' from 'A-/Watch Neg'. On March 29, we further lowered the rating to 'BBB-'. The Algarve loan, comprising 33% of European Property Capital 3's portfolio balance, and one of two remaining loans in the transaction, is secured on a single asset in Portgual. The other loan, the Randstad loan, comprising 67% of the transaction balance, failed to repay at maturity. In light of these facts, we have lowered and removed from CreditWatch negative our ratings on the class A, B, and X notes. We have also affirmed our ratings on the class C and D notes. LONDON (Standard & Poor's) April 15, 2011--Standard &...
Companies mentioned in this report are:
- European Property Capital 3 PLC
Action: Removed From CreditWatch
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Research type: News
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