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10 Ratings Lowered To 'D' On Seven U.S. CMBS Transactions Due To Interest Shortfalls
Standard & Poors, April 2010
Abstract
OVERVIEW We lowered our ratings on 10 classes from seven U.S. CMBS transactions to 'D' due to recurring interest shortfalls that we expect to continue in the foreseeable future. NEW YORK (Standard & Poor's) April 7, 2010--Standard & Poor's Ratings Services today lowered its ratings to 'D' on 10 classes of certificates from seven separate U.S. commercial mortgage-backed securities (CMBS) transactions due to recurring interest shortfalls that we expect to continue in the foreseeable future (see list). Nine of the downgraded classes have experienced interest shortfalls for seven or more months. The recurring interest shortfalls for the respective certificates are primarily due to one or more of the following factors: Appraisal subordinate entitlement reductions (ASERs) in effect for the specially...
Companies mentioned in this report are: Morgan Stanley Capital I Trust 2006-IQ11,JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC14,ML-CFC Commercial Mortgage Trust 2006-4,GE Commercial Mortgage Corporation, Series 2007-C1 Trust,JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC19,Credit Suisse Commercial Mortgage Trust Series 2007-C3,JPMorgan Chase Commercial Mortgage Securities Trust 2007-C1
Action: Downgraded
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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