...DECO 9 Pan Europe 3 p.l.c. is a securitisation of 11 commercial mortgage loans originated by Deutsche Bank AG (rated `AA'/Outlook Stable/`F1+'), which closed in August 2006. Three loans have prepaid since closing, leaving the loan pool with a current balance of EUR835m. The portfolio is secured by real estate located in Germany (92% by market value MV) and Switzerland (8%). The collateral consists of retail (42% by MV), office (32.0%), mixed use (21%) and multifamily (5%) assets. The loan portfolio had a reported weightedaverage (WA) LTV of 69.9%, as of the July 2009 interest payment date (IPD). This compares to an estimated WA Fitch LTV of 83.4%, reflecting an overall market value decline (MVD) of approximately 22%. On 10 October 2009, Fitch Ratings downgraded nine note classes, as shown above. The Outlook of the class A2 to D notes was revised to Negative from Stable and the Negative Outlook was affirmed for the class E notes. Recovery Ratings (RR) were assigned to the class F, G, H...
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