Report title: Telereal Securitisation PLC - A Performance Update (UK CMBS)
from Fitch Research
5 page (2296 word) report published Jun 03, 2009

Price $275.00 available for immediate download
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...Telereal Securitisation PLC is a financing of rental cash flows derived from a portfolio of operational properties occupied by British Telecommunications plc (BT, rated `BBB/Stable') located throughout the UK. Over 98% of rental income is secured by leases to BT on a fully repairing and insuring basis until November 2036. Future cash flows will be applied to fully amortise the notes by the expected maturity in December 2031, which coincides with the break option on the leases. The original transaction closed in 2001 and subsequent notes were issued in 2004; the overall transaction was then restructured in 2006 (referred to in this report as the closing date). On 29 May 2009, Fitch Ratings affirmed the class A3 to A8 notes with a Stable Outlook. All remaining notes tranches (class B2 to B7 and class C1 and C2 notes) were downgraded to `BBB' from `BBB+', with a Stable Outlook. The following developments, all as of the March 2009 interest payment date (IPD), contributed to the rating action:...

Report Type: Performance Report
Company(ies): Telereal Securitisation Plc
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