Fitch: High Ratings for Irish Multi-Family CMBS Are a Challenge

March 31, 2015 3:42 PM

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(The following statement was released by the rating agency) LONDON, March 31 (Fitch) High ratings on CMBS backed by Irish multi-family housing (MFH) assets will be difficult to achieve given the lack of investment track record and the limited historical data on the sector.

In Fitch's view, bonds rated above 'Asf' need to survive stresses significantly above those experienced in the recent residential downturn. Advance rates will be further constrained because recent rental growth is not sustainable unless the country's economic fortunes improve beyond our assumptions....

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