Ratings Lowered On All Classes In Deutsche Pfandbriefbank's Estate UK-3 CMBS Deal Due To Deteriorating Outlook Mar 11

Standard & Poors, March 2011

Abstract
OVERVIEW We have reviewed the creditworthiness of the remaining pool in this transaction and considered the recent third-party revaluations of the assets underlying the largest loan in the pool. Our analysis indicates that the likelihood of principal losses has increased. Therefore, we have lowered our ratings on all classes of notes. Deutsche Pfandbriefbank's Estate UK-3 CMBS is a 2007-vintage U.K. CMBS transaction. LONDON (Standard & Poor's) March 1, 2011--Standard & Poor's Ratings Services today lowered its credit ratings on all classes of notes in Deutsche Pfandbriefbank AG's Estate UK-3 commercial mortgage-backed securities (CMBS) transaction. At the same time, we have kept on CreditWatch negative the ratings on the class A1+ and A2 notes and removed from CreditWatch negative the ratings...

Companies mentioned in this report are:
- Deutsche Pfandbriefbank AG

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.

- Deutsche Pfandbriefbank AG

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