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Ratings Lowered In CMBS Transaction European Property Capital 3 Because Of Portuguese Country Risk Apr 11

  • ID: 1782920
  • April 2011
  • Region: Europe, Portugal
  • Standard & Poors

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: Downgraded
Action: Removed From CreditWatch

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- European Property Capital 3 PLC

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