ข่าวประชาสัมพันธ์การเงิน/หลักทรัพย์

Ratings Lowered To ‘D (sf)’ On Cirene’s Class D European CMBS Notes Due To Principal Default

          LONDON (S&P Global Ratings) Jan. 26, 2018--S&P Global Ratings today lowered to 'D (sf)' from 'CCC- (sf)' its credit rating on Cirene Finance S.r.l.'s class D notes. At the same time, we have affirmed our 'D (sf)' rating on the class E notes. We have subsequently withdrawn our ratings on these two classes of notes, effective in 30 days' time (see list below). 
          Today's rating actions reflect the issuer's failure to repay the remaining note principal balance on Dec. 15, 2017, the legal final maturity date. 
          Cirene Finance is a 2006 CMBS transaction, backed by a pool of secured and unsecured nonperforming loans, originated in Italy. 
          Our ratings on Cirene Finance address timely payment of interest and repayment of principal no later than the legal final maturity date on Dec. 15, 2017.
          The issuer failed to repay the notes on the legal final maturity date. 
          We have therefore lowered to 'D (sf)' from 'CCC- (sf)' our rating on the class D notes in line with our criteria (see "General Criteria: Methodology: Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings," published on Oct. 24, 2013). 
          At the same time, we have affirmed our 'D (sf)' rating on the class E notes. These classes of notes failed to pay interest on a timely basis and were also not repaid on the legal final maturity date. 
          The ratings will remain at 'D (sf)' for a period of 30 days before the withdrawals become effective.