Moody's Investors Service said that the future performance of EMEA CMBS pub securitizations will depend on the successful repositioning of pub portfolios to increase free cash flow generation.

Transaction de-leveraging through pub disposals and debt repurchases will increase issuers’ ability to meet their financial covenants. Rating agency analysts said that the U.K.’s two largest pub operators, Enterprise Inns and Punch Taverns, recently announced plans to dispose of hundreds of non-core pub assets.

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