Further Information On European CMBS Transactions' Exposure To Lehman Sep 08
Standard & Poors, September 2008
Abstract
LONDON (Standard & Poor's) Sept. 19, 2008-On Sept. 17, Standard & Poor's Ratings Services placed on CreditWatch with negative implications several European commercial mortgage-backed securities (CMBS) transactions where a Lehman Brothers entity played a material role (see "S&P Takes Multiple Rating Actions On European Securitizations After Lehman Insolvency" on RatingsDirect). Here, we briefly describe the incremental exposures that five of these transactions have to Lehman. Lehman entities currently act in various counterparty roles in these transactions. In some transactions, Lehman's role is more specific, such as tenant, collateral agent, or providing future funding. CANARY WHARF FINANCE II PLC This is a single-loan transaction secured by seven buildings in Canary Wharf in London. Lehman Brothers occupies the HQ2 building and is...
Companies mentioned in this report are: Canary Wharf Finance II PLC,Broadgate Financing PLC,Portfolio GREEN German CMBS GmbH,Diversity Funding No. 1 Ltd.,Excalibur Funding No. 1 PLC
Action: CreditWatch Update
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.
Canary Wharf Finance II PLC,Broadgate Financing PLC,Portfolio GREEN German CMBS GmbH,Diversity Funding No. 1 Ltd.,Excalibur Funding No. 1 PLC
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