TEXT-S&P affirms Opera Germany (No. 3)'s class A CMBS notes

Thu Nov 29, 2012 7:52am EST

POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

On Nov. 7, 2012, we published our updated criteria for rating European commercial mortgage-backed securities (CMBS) (see "European CMBS Methodology And Assumptions"). The criteria update refines the approach to rating European CMBS transactions, and provides a more transparent framework for analyzing the commercial real estate assets and transaction structures commonly associated with European CMBS. We expect that the criteria update will have a moderate impact on outstanding ratings on European CMBS, based on a sample of transactions we tested. The impact on investment-grade ratings is likely to be greater than that on speculative-grade ratings.

These criteria will be effective for all in-scope ratings from Dec. 6, 2012, at which time we expect to place all the ratings likely to be affected on CreditWatch. We expect to resolve any rating changes within six months of the effective date of the criteria.

RELATED CRITERIA AND RESEARCH

-- European CMBS Methodology And Assumptions, Nov. 7, 2012

-- Application Of Property Evaluation Methodology In European CMBS Transactions, Nov. 7, 2012

-- Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012

-- CMBS Global Property Evaluation Methodology, Sept. 5, 2012

-- Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012

-- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012

-- Standard & Poor's Ratings Definitions, June 22, 2012

-- European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, March 14, 2012

-- Request For Comment: Methodology For Rating Debt Issues Based On Imputed Promises, Feb. 10, 2012

-- Ratings On 122 Tranches In 65 European CMBS Transactions Placed On CreditWatch Negative After Bank Rating Actions, Jan. 31, 2012

-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011

-- Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions, June 14, 2011

-- Principles Of Credit Ratings, Feb. 16, 2011

-- Timeliness of Payments: Grace Periods, Guarantees, And Use of 'D' and 'SD' Ratings, Dec. 23, 2010

-- Methodology: Credit Stability Criteria, May 3, 2010

-- Global Methodology For Rating Interest-Only Securities, April 15, 2010

-- Use Of CreditWatch And Outlooks, Sept. 14, 2009

-- Understanding Standard & Poor's Ratings Definitions, June 3, 2009

-- Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009

-- European Legal Criteria For Structured Finance Transactions, Aug. 28, 2008

-- Framework For Credit Analysis In European CMBS Transactions, May 21, 2007

-- Weighing Country Risk In Our Criteria For Asset-Backed Securities, April 11, 2006

-- Rating U.S. CMBS In The Face of Interest Shortfalls, Feb. 23, 2006

-- Technical Challenges In European CMBS Structures, Feb. 16, 2006

-- European CMBS Loan Level Guidelines, Sept. 1, 2004

-- European CMBS Monthly Bulletin, published monthly

RATINGS LIST

Class Rating

To From

Opera Germany (No. 3) Ltd.

EUR550 Million Commercial Mortgage-Backed Floating-Rate Notes

Rating Affirmed And Removed From CreditWatch Negative

A AA+ (sf) AA+ (sf)/Watch Neg

Rating Unaffected

B A+ (sf)

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