Standard & Poor's may downgrade its credit ratings of seven U.K. CMBS transactions with exposure to Tesco if the supermarket operator's long- and short-term corporate credit ratings fall below investment grade. 

All seven CMBS transactions are currently rated 'BBB-‘, on the brink of junk status, as is Tesco itself. S&P placed Tesco and the related CMBS transactions under review for possible downgrades on Friday.

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