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Global Credit Research - 11 Jun 2010
EUR 457.3 million of EMEA CMBS affected
Frankfurt, June 11, 2010 -- Moody's Investors Service has today commented on the performance of Talisman-1
Finance p.l.c. (amounts reflect initial outstandings):
EUR418,500,000 Class A Commercial Mortgage Backed Floating
Rate Notes due 2014, currently rated Aaa; previously on Jun
3; 2005 Assigned Definitve Rating Aaa
EUR38,800,0000 Class B Commercial Mortgage Backed Floating
Rate Notes due 2014, currently rated Aaa; previously on May
21, 2008 Upgraded to Aaa
Moody's does not rate the Classes C, D, E, F,
G and X issued by Talisman-1 Finance p.l.c.
Talisman-1 Finance p.l.c is a true sale CMBS conduit
securitisation of originally four loans totaling EUR 554.3 million
secured by properties located in Germany. The structure has reverted
to sequential paydown on the April 2008 interest payment date ("IPD").
As per April 2010 IPD, two loans totalling EUR 158.8 million
remained in the pool. The Prime Loan (85% of the pool) is
secured by two shopping centres in Hamburg and Cologne and the Alpha Loan
(15% of the pool) is secured by residential units in Muenster and
retail units in Berlin. The Prime Loan is the senior portion (78%)
of the Prime Whole Loan. The Alpha Loan is not subject to an A/B
Both loans have failed repayment at their respective maturity date in
January 2010 (Prime Loan) and May 2010 (Alpha Loan; original maturity
date in April 2010 had been extended by one month) and have subsequently
been transferred into special servicing.
Cash flows generated by the properties are sufficient to cover the ongoing
debt service on both loans. After non-repayment at maturity,
excess cash over interest is applied to repay the Prime Senior Loan and
the Alpha Loan, respectively. Interest coverage figures have
further improved since loan maturity due to the current low interest rate
environment the loans are benefitting from as a result of the expiry of
hedging at the respective loan maturity dates. Currently,
the DSCR is 3.0x for the Prime Loan (whole loan) and 4.9x
for the Alpha Loan.
The properties securing the Prime Loan are currently in the process of
being re-valued. Based on the latest valuation as per December
2008, the U/W whole loan and senior loan LTV are 79.6%
and 62%, respectively. This compares to 90.9%
(whole loan) and 70.8% (senior loan) Moody's LTV figures.
The special servicer has entered into a standstill agreement with the
borrower until 22 May 2010 (subsequently extended until 31 July 2010)
to allow time for successful repayment. Refinancing negotiations
between the borrower and a lender are ongoing and the borrower is also
in discussions with a real estate developer regarding the sale of the
The Alpha Loan properties were re-valued in March 2010.
Moody's LTV for this loan is in line with the updated U/W LTV of
66.9%. The special servicer is currently evaluating
resolution options for this loan.
Moody's will closely monitor the actions undertaken by the special
servicer with respect to both loans and will also review the updated valuation
for the Prime Loan expected to be available shortly.
In its current base case scenario taking into consideration the loan defaults,
current Moody's value assumptions and the strong coverage figures
coupled with excess cash being applied to repay the securitised loans,
Moody's does not see immediate rating pressure for the Class A and
Class B Notes. An updated valuation substantially below Moody's
current value assumptions for the properties securing the Prime Loan and/or
a substantial increase of interest rates and/or substantially decreasing
rental cash flows could result in future limited rating pressure in relation
to the Class B Notes.
The principal methodologies used in rating and monitoring the transaction
were "Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA"
June 2005 and "Moody's Updates on its Surveillance Approach for EMEA CMBS"
March 2009, which can be found at www.moodys.com in
the Rating Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found in the
Rating Methodologies sub-directory on Moody's website. The
last Performance Overview for this transaction was published on 27 April
Further information on Moody's analysis of this transaction is available
on www.moodys.com. In addition, Moody's publishes
a weekly summary of structured finance credit, ratings and methodologies,
available to all registered users of our website, at www.moodys.com/SFQuickCheck.
For updated monitoring information, please contact email@example.com."
To obtain a copy of Moody's New Issue Report on this transaction,
please visit Moody's website at www.moodys.com or contact
our Client Service Desk in London (+44-20-7772 5454).
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Vice President - Senior Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's comments on the performance of the CMBS Talisman-1 Finance p.l.c.
No Related Data.
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