31.07.2008 - Fitch study points to high CMBS risk
From Ft.com: More than half of investment grade commercial mortgage-backed UK transactions could be at risk of default if the downturn in the property market is as bad as many analysts fear. According to a Fitch study of the commercial mortgage-backed securities rated by the agency, a crash in UK property prices as bad as the last big downturn in the early 1990s would affect 35 of the 67 outstanding investment grade transactions. But the level of loss will be much less severe, with just 7.4 per cent expected to be wiped off the overall £32.8bn ($64.9bn) of outstanding securitised loans in the UK rated by Fitch..... Full Article: Source
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