Property-backed bonds in Europe take a hit

11/19/2008 | Financial Times (free content)

Falling property values in Europe and the bankruptcy of Lehman Brothers are hurting a number of commercial mortgages and the securities into which they were packaged, according to Moody's. The credit-rating agency warned that the increasing likelihood of defaults, along with declining property values and refinancing risk, put in jeopardy the highest-rated senior bonds in securities backed by commercial mortgages.

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