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Further Information On European CMBS Transactions' Exposure To Lehman Sep 08 Product Image

Further Information On European CMBS Transactions' Exposure To Lehman Sep 08

  • ID: 1886642
  • September 2008
  • Region: Europe
  • Standard & Poors

Abstract
LONDON (Standard & Poor's) Sept. 19, 2008On 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

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- 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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