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S&P Credit Research2781 word report
published Dec 02, 2008
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$500.00 available for immediate download
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S&P Credit Research
| Abstract: | November 2008 saw continued turmoil in financial markets and further declines reported in European real estate values, as well as daily news of yet more businesses facing difficulties. In our view, this bodes badly for Europe's commercial real estate lending markets, which face increasing term and refinance risks. Despite current performance data on European commercial mortgage-backed securities (CMBS) rated by Standard&Poor's Ratings Services suggesting a fairly moderate impact to date, we think it is likely that loan performance will deteriorate. At this stage, the delinquency loan rate in European CMBS (that is, loans experiencing non-payment of either interest or principal) is surprisingly low at only nine loans, representing 1.02% by balance. This is despite the unprecedented market turmoil
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| Brief Excerpt: | RESEARCH Ratings Definitions European CMBS Monthly Bulletin (November 2008): Loan Performance Likely To Deteriorate Publication date: 02-Dec-2008 Credit Analysts: Judith O'Driscoll, London (44) 20-7176-3597; judith_odriscoll@standardandpoors.com...
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| Report Type: | Commentary
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Real Estate Companies, Residential MBS, Servicer Evaluations, Structured Finance
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
