CMBS defaults and LTVs climb in Europe amid barren primary market

By Tom Porter
03 Apr 2014

The European CMBS market’s problems are not restricted to an inactive primary market — a Fitch Ratings report shows nine loans maturing in the second quarter face restructuring or loss.

The at-risk loans come from a bucket of just 17 EMEA CMBS transactions in the ratings agency’s rated portfolio maturing between April and June 2014, and all nine have loan-to-value ratios (LTV) over 100%.

"The high LTVs will make refinancing extremely challenging and we would expect special servicers ...

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