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Global Credit Research - 25 May 2010
Loan and transaction restructurings increase
London, 25 May 2010 -- Commercial real estate (CRE) lenders in Europe, the Middle East
and Africa (EMEA) remain wary and with many sponsors having insufficient
equity to support their loans, CMBS loan and transaction restructurings
were a main theme during Q1 2010, says Moody's Investors Service
in its latest Surveillance Report for the sector.
"Most borrowers of CMBS loans that matured during Q1 2010 could
not repay or refinance their loan, and the loans either had their
maturity date extended, or defaulted and underwent a subsequent
restructuring rather than loan enforcement," says Viola Karoly,
a Moody's Analyst and co-author of the report. "Loan
restructurings in order to prevent a default are also increasing,
with the most notable restructuring during Q1 2010 involving the first
ever legal final maturity date extension of EMEA CMBS notes in order to
facilitate the extension of the underlying single loan."
In the report, Moody's notes that select European CRE property
markets continued to improve in Q1 2010, although much of this improvement
remains limited to the prime segment (a relatively small portion of EMEA
CMBS collateral). Moody's continues to witness further market
value declines, especially for properties securing distressed loans.
In the current environment, loans that default are typically secured
by properties with weaker characteristics. "These characteristics
further drive down their market value, even if in the overall property
market property values are increasing," explains Ms Karoly.
"Several downgrades and reviews for possible downgrades during Q1
2010 resulted from market value declines that were greater than we had
"In terms of our outlook for this sector over the coming quarters,
we do not expect CRE loan performance to improve, and we still expect
that many CMBS loans will default during their term, or at maturity,"
says Manuel Rollmann, a Moody's Associate Analyst and co-author
of the report.
Moody's says that it remains sceptical of the high-value
recovery in some markets over the past six to nine months. "We
expect more stable-to-moderate increasing property values
going forward, with a large differentiation in values between prime
and secondary properties," says Thomas Babin, a Moody's
Associate Analyst and co-author of the report. "One
of our key concerns is that foreclosures stemming from an increasing amount
of loans defaulting at maturity will result in more properties being sold
at significant discounts, negatively impacting market prices."
As Moody's incorporated its expectation of further performance deterioration
of CRE loans into its rating analysis last year, downgrade rating
actions subsided during Q1 2010. During the quarter, Moody's
downgraded 16 classes of notes in seven transactions, mainly due
to loan and transaction-specific factors. Four classes of
notes in two small multi-borrower transactions and two tranches
in a large multi-borrower transaction were upgraded during Q1 2010
due to among other things, an increase in credit enhancement since
the transactions closed. As of end-Q1 2010, a total
of 39 classes of notes remained on review: 34 classes of notes in
14 transactions for possible downgrade and five tranches in one transaction
for possible upgrade due to the replacement of the former interest rate
swap provider, Lehman Brothers.
The report, entitled "EMEA CMBS Q1 2010: Surveillance Review",
is a quarterly publication which reports the findings of Moody's ongoing
monitoring of rated CMBS and multi-family transactions in EMEA.
Moody's EMEA CMBS monitoring team currently monitors 196 transactions.
NOTE TO JOURNALISTS ONLY: For more information please contact New
York Press Information +1-212-553-0376;
EMEA Press Information in London +44-20-7772-5456;
Juan Pablo Soriano in Madrid +34-91-310-1454;
Alex Cataldo in Milan +39-02-914-81-100;
Eric de Bodard in Paris +33-1-5330-1020;
Detlef Scholz in Frankfurt +49-69-707-30-700;
Mardig Haladjian in Limassol +357-25-586-586;
Alex Sazhin in Moscow +7-495-228-60-60;
Petr Vins in Prague +4202 2422 2929; Tokyo Press Information
+813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635;
Hong Kong Press Information +852-2916-1150; Hector
Lim in Sydney +612 9270 8102; Luiz Tess in São Paulo
+5511-3043-7300; Alberto Jones Tamayo in Mexico
City +5255-1253-5700; Daniel Rúas in Buenos
Aires +54 11-4816-2332 ext. 105; Leon Claassen
in Johannesburg +27-11-217-5470; Jehad
el-Nakla in Dubai +971 4 401 9536; or visit our web site
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's: EMEA CMBS Performance Deteriorates In Q1 2010 Despite Improvements In Some Property Markets
Structured Finance Group
Moody's Investors Service South Africa (Pty) Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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