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What Might "CMBS 2.0" Look Like In Europe's Future Commercial Property Markets? Apr 10
Standard & Poors, April 2010
Abstract
The European real estate sector hasn't left its recent difficulties behind just yet, in Standard & Poor's Ratings Services' opinion: It remains under severe pressure from the twin problems of depressed property values and a dearth of new credit for all but prime real estate. And the securitization market-previously a key funding source for commercial real estate-continues to be caught up in this distress and public new issuance of commercial mortgage-backed securities (CMBS) remains a rarity. Added to this, regulators may make CMBS more costly for banks to hold, heaping yet more pressure on this fragile sector. Despite this, we believe that commercial property securitization will return in future, but it is likely to be in a different form: 'CMBS...
Companies mentioned in this report are: Opera Finance (Uni-Invest) B.V.,Fleet Street Finance Two PLC,Epic (Industrious) PLC,White Tower 2006-3 PLC,Titan Europe 2006-4 FS PLC,CPUK Mortgage Finance Ltd.,Epic Opera (Arlington) Ltd.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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