...Windermere VIII CMBS plc is a securitisation of eight commercial mortgage loans originated by Lehman Brothers Inc, which closed in August 2006. Since closing, two of the loans (26.6% of the pool) have been fully prepaid. Combined with scheduled amortisation, this has reduced the outstanding balance to GBP620.88m from GBP1,037.6m. The loans are secured by a selection of office and mixed use properties located throughout England, Scotland and Northern Ireland, with an aggregate market value of GBP891.4m. The transaction has a significant exposure to three loans the Mid City Place loan, the Government Income Portfolio loan and the AMG loan which together account for 92% of the loan pool. On 7 May 2009, Fitch Ratings downgraded the notes, as shown on the left. The following developments, all as of the January 2009 interest payment date (IPD), contributed to the rating action: + ...
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