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15 Sep 2009
GBP 194 Million of CMBS affected
London, 15 September 2009 -- Moody's Investors Service has today placed on review for possible downgrade
the following class of Commercial Mortgage Backed Notes issued by Perseus
(European Loan Conduit No. 22) plc (amounts reflect initial outstandings):
GBP194M Class A2 Commercial Mortgage Backed Floating Rate Notes due 2014,
Aaa Placed Under Review for Possible Downgrade; previously on Dec
22, 2005 Definitive Rating Assigned Aaa.
The rating of the Class A1 Notes which rank senior to the Class A2 Notes
is not affected by today's review action. Moody's has not assigned
ratings to the Class A3, Class B, Class C and Class D Notes
issued by European Loan Conduit No. 22 p.l.c.
Perseus (European Loan Conduit No. 22) plc represents the securitisation
of five commercial mortgage loans originated by Morgan Stanley Bank International
Limited that are secured by first ranking mortgages on 368 mainly office
and retail properties located across the UK.
Today's review action was prompted by several factors, including:
(i) Refinancing risk. 28% of the loans by current outstanding
balance are due to be repaid in 2010 and the remaining loans will mature
in 2012. As Moody's expects property values in the UK to only slowly
recover from 2011 onwards, all the loans will be still highly leveraged
at their respective maturity dates, especially when taking into
account the B-Notes for all loans. Consequently, in
Moody's view, for a majority of the loans, the default risk
at maturity has increased substantially compared to the closing analysis.
(ii) Decline in property values. Property values across the UK
have declined significantly and are expected to continue to decline at
least until 2010, which will potentially lead to increased loan
to value ratios, which in turn increases the refinancing risk and
the expected loss severity in case of loan defaults.
(iii) Junior position of the Class A2 Notes vis a vis the Class A1 Notes.
Transaction Overview and Performance to date
Since closing, there have been no changes in the portfolio composition
except for minor prepayments on the Mapeley Columbus Loan and the Major
Balle Loan due to disposals of properties. The loans are not equally
contributing to the portfolio: the largest loan (the Mapeley Columbus
Loan) accounts for approximately 59% of the pool's principal balance,
while the smallest loan (the Ladysmith Shopping Centre Loan) represents
6%. The current loan Herfindahl index is 2.5,
compared 2.7 to closing. As per the last interest payment
date all loans are current and have been performing broadly in line with
Moody's highlights that the transaction benefits from strong credit
tenants. The two largest loans in the pool (Mapeley Columbus --
59% of current pool and Columbus Court -- 14% of current
pool) are secured by properties let to Abbey National (Aa3, P-1)
and Credit Suisse (Aa1, P-1), respectively on long
leases. However, there is limited scheduled amortisation
during the life of the loans and all loans in the pool have significant
The proceeds from prepayments and balloon repayments are allocated to
the notes on a modified pro-rata basis, based on certain
loan buckets. The largest loan in the pool (Mapeley Columbus -
59% of current pool) will be allocated pro-rata between
the Class A1, Class A2, Class A3 and Class B Notes only while
the second largest loan (Columbus Court -- 14% of current
pool) will be allocated pro-rata between the Class A1 and Class
A2 Notes only. In Moody's view the repayment allocation of
the second largest loan is positive for the Class A2 Notes as this reduces
the amount of senior ranking Class A1 Notes and also reduces Class A2
Notes without decreasing the absolute amount of available subordination.
To date, the sequential payment trigger has not been breached.
The structure will revert to fully sequential if any of the following
triggers ("Sequential Prepayment Triggers") are met:
i) More than 25 per cent of the Loans are Specially Serviced Loans;
ii) The cumulative percentage of the Loans (based on the total loan amount
as of the Cut-Off Date) which have defaulted since the Closing
Date is greater than 20 per cent subject to certain additional conditions;
iii) There has been any loss incurred by the Note holders since the Closing
Date resulting from a failure to pay interest on any Note on its due date
for such payment;
Moody's will conclude its transaction review after it has finalised the
re-assessment of the performance of the securitised loans and the
magnitude of the increase in the default probability of the loans especially
at the loan maturity dates as well as the impact of value declines of
the underlying properties.
The principal methodologies used in rating and monitoring the transaction
are "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, and are available on 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.
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.
The last Performance Overview for this transaction was published on 26
For updated monitoring information, please contact email@example.com."
To obtain a copy of Moody's Pre-Sale 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).
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's places the Class A2 Notes issued by Perseus (European Loan Conduit No. 22) plc on review for possible downgrade
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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