European CMBS Monthly Bulletin (July 2012): Downgrades Persist With Deteriorating Loan Performance Jul 12
- Language: English
- Published: July 2012
- Region: Europe
OVERVIEW DECO 7-Pan Europe 2's class C to H notes suffered an interest shortfall on the October 2011 interest payment date. The shortfall follows a revaluation of the assets backing the loan, and the subsequent appraisal reduction that limits the liquidity facility drawings for the Karstadt Kompakt loan. We believe the risk of principal losses, as a result of the new valuation, has eroded the creditworthiness of the class C to H notes. As a result, we have lowered our ratings on the class C to G notes. The class H notes are already rated 'D (sf)'. DECO 7 is a CMBS transaction that closed in 2006 and is backed by six loans secured on properties in Germany, Switzerland, and...
Companies mentioned in this report are: DECO 7 - Pan Europe 2 PLC
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.
DECO 7 - Pan Europe 2 PLC