Recent Fitch Ratings’ “unsolicited assessment” of the DECO 2011-CSPK CMBS deal is an example of the harsh penalties sponsors face for ‘rating shopping’, Royal Bank of Scotland (RBS) analysts said in a recent report.

Deutsche Bank is the issuer of the new U.K. CMBS deal. The structure is backed 100% by U.K. office properties and offers investors a ₤235 million ($385 million) Standard & Poor's 'AAA'-rated class A tranche and a ₤30 million class B 'AA'-rated tranche.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.