cautious recovery of the global macroeconomy is a positive factor for European structured finance sector, but unemployment continues to rise in many countries in Europe. This means maintaining the potential deterioration of the assets of European structured finance transactions, believes the international rating agency Fitch Ratings.

“It is too early to Fitch has changed the general negative view on the ratings of European structured finance sector,” - said Philip Walsh, managing director in Fitch”s Structured Finance Europe, Middle East and Africa, quoted in the report agency.

“However, as we have seen over the past recession, declining ratings, will likely focus on the subordinated tranches. The main exceptions to this rule are transactions in securities secured by commercial mortgages (CMBS), and structured credit instruments, to which fall to be more prevalent in all rating categories, “- he added.

quarterly report “Forecast for structured finance sector in Europe, Middle East and Africa” (EMEA Structured Finance Sector Outlook) Agency points out that the main areas of concern are the transaction collateralized debt obligations (CDO), CMBS and transactions from Spain with consumer loans and residential mortgages from the “specialized” creditors.

Fitch expects the Spanish securitization transaction mortgage home loans (RMBS) will remain under pressure over the next 12-24 months due to the continuing correction in the housing market, more difficult credit conditions and soaring unemployment. While these factors will continue to command higher levels of delinquency and default rates on the portfolios, the agency believes that the deal with RMBS collateral with recent dates of issue (after 2005) and higher risks remain the most vulnerable in a recession.

“Among the major European markets, using financing through CMBS, United Kingdom experienced the most significant decrease in the value of commercial real estate. At the same time, investor sentiment towards commercial property in the UK have improved recently because of the relatively attractive yield, especially in comparison with other asset classes. Yields on high-quality assets quickly rebounded and led to rapid growth in profitabilitcd6y of the property during the fourth quarter of 2009, although this development was limited to this type of asset. refinancing risk continues to be present on existing transactions in Europe, including Britain, and may lead to further decrease in ratings of specific portfolios, “- noted in the review.

forecast rating is “negative” for all classes of CDO, reflecting the pressure that macroeconomic conditions have on the different types of basic debtors portfolio CDO, reported Fitch.

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