DBRS Publishes Commentary on Real Estate MVDs in SME CLOs

DBRS Ratings Limited (“DBRS”) has today published a commentary, “Real Estate MVDs in CLOs Backed by Loans to European SMEs,” detailing the market-value declines (“MVDs”) and recovery delays DBRS uses when analysing portfolios of real estate collateral in loans to European small to medium-sized enterprises (“SMEs”, and the securitisations thereof “SME CLOs”).

This commentary supports the 15 October 2013 update to the DBRS SME CLO methodology, “Rating CLOs backed by Loans to European Small and Medium-Sized Enterprises (SMEs)”, and includes parameters derived from this methodology as well as the “Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda.”

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