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Ratings Lowered On All Classes Of Notes In German/Dutch CMBS Transaction Fleet Street Finance Three Feb 12
Standard & Poors, Feb 2012
Abstract
OVERVIEW We have performed a recovery analysis of Fleet Street Finance Three using various stressed scenarios. We have lowered our ratings on all classes of notes to reflect our view of heightened refinance risk and principal losses, given the stagnant market conditions and mounting evidence of borrowers struggling to refinance their loans. Fleet Street Finance Three is a true sale CMBS transaction backed by four loans secured on commercial properties in Germany and the Netherlands. These ratings are based on our criteria for rating European CMBS. However, these criteria are under review. As a result of this review, our future European CMBS criteria may differ from the current criteria. The criteria change may affect the ratings on all outstanding notes...
Companies mentioned in this report are: Fleet Street Finance Three PLC
Action: CreditWatch Update
Action: Downgraded
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.
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