Ratings Lowered On Class A2 Notes In Deutsche Pfandbriefbank's Estate UK-3 CMBS Deal Due To Deteriorating Outlook Jun 11
Standard & Poors, June 2011
Abstract
OVERVIEW On March 1, 2011, following a full review, we kept the ratings on the class A1+ and class A2 notes on CreditWatch negative pending further information regarding ongoing restructuring discussions concerning Loan 3, the largest loan in the pool. While discussions are continuing, we have received no documentation that would, in our view, reduce our loss estimates from Loan 3. Therefore, we have lowered our rating on the class A2 notes. We have also affirmed the rating on the class A1+, B, C, D, and E notes. At the same time, we removed from CreditWatch negative the ratings on class A1+ and A2 notes. Deutsche Pfandbriefbank's Estate UK-3 CMBS is a 2007-vintage U.K. CMBS transaction. LONDON (Standard & Poor's)...
Companies mentioned in this report are:
- Deutsche Pfandbriefbank AG
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.
- Deutsche Pfandbriefbank AG
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