UK CMBS Performance - Summary of Reviews and Rating Actions - Special Report - 2009/06/29 - Fitch Research

Report title: UK CMBS Performance - Summary of Reviews and Rating Actions

from Fitch Research
38 page (18451 word) report published Jun 29, 2009

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...Between November 2008 and June 2009, Fitch Ratings completed a wholesale review of its UK CMBS portfolio. In an environment where payment defaults remain scarce although on the rise the primary aim of this review was to assess the impact of ongoing UK commercial property value declines on future CMBS performance. UK commercial property values have fallen faster and further from their peak than in any previous downturn on record. This was initially triggered by a rise in investment yields caused by a dramatic reduction in the availability of debt finance and lately has been exacerbated by increasing concerns about future declines in rental income. A key measure in guiding opinion is the Fitch loantovalue ratio (LTV) which, in the absence of revaluations on the majority of loans, combines Fitch's assessment of property quality with quoted rental value and yield indices in order to determine the likely current market value (MV) of loan collateral. FitchRated UK CMBS Portfolio ...

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Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.

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