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
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