Fitch Ratings downgrades all classes of Brascan Structured Notes 2005-2, Ltd./Corp. (Brascan 2005-2) reflecting Fitch's base case loss expectation of 45.7%. Fitch's performance expectation incorporates prospective views regarding commercial real estate market value and cash flow declines. A detailed list of rating actions follows at the end of this release.Brascan 2005-2 is mostly collateralized by subordinate commercial real estate (CRE) debt (89.2% of total collateral is either B-notes or mezzanine loans). Fitch expects significant losses upon default for these assets since they are generally highly leveraged debt classes.Brascan 2005-2 is a $300 million CRE collateralized debt obligation (CDO) managed by
More...
More...