Preliminary Ratings Assigned To Titan Europe 2006-5 PLC's CMBS Secured Loan Transaction Dec 06

Standard & Poors, December 2006

Abstract
LONDON (Standard & Poor's) Dec. 4, 2006?Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the ?660.919 million commercial mortgage-backed floating-rate notes to be issued by Titan Europe 2006-5 PLC, a SPE incorporated in Ireland. At the same time, it will issue ?0.050 of unrated notes (see list below). At closing, the issuer will use the note issuance proceeds to acquire a portfolio of eight commercial real-estate loans originated by Credit Suisse International (CSI). The loans are secured by commercial properties in Germany and Spain. This transaction is the eighth in the Titan Europe series, originated and arranged by CSI. It uses a similar structure as the previous transactions. A liquidity facility of ?50.5...

Companies mentioned in this report are:
- Titan Europe 2006-5 PLC
- Credit Suisse International

Action: Preliminary Rating

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.

- Titan Europe 2006-5 PLC
- Credit Suisse International

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