Presale: DECO 2012-MHILL Ltd. Feb 12
Standard & Poors, February 2012
Abstract
Standard & Poor's Ratings Services has assigned preliminary credit ratings to DECO 2012-MHILL Ltd.'s £210 million commercial real estate loan-backed floating-rate notes. The transaction will be a securitization of a single commercial real estate loan, which Deutsche Bank AG (A+/Watch Neg/A-1) made to refinance entities managed by Queensland Investment Corporation's (QIC) ultimate 50% ownership in the Merry Hill shopping center and adjacent retail and office parks. Westfield Group entities hold the remaining 50% ownership. Merry Hill is a predominantly retail complex, located in Brierly Hill close to Birmingham. The site hosts one of the U.K.'s preeminent shopping centers, with a footfall of more than 24 million visitors per year. Our ratings address DECO 2012-MHILL's ability to meet timely payments of...
Companies mentioned in this report are:
- Deutsche Bank AG
- DECO 2012-MHILL 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: Full Analysis
- Deutsche Bank AG
- DECO 2012-MHILL Ltd.
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