Egypt posts record EGP629b primary surplus in 2024/25    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Moody's casts doubts on EMEA property market recovery
Published in Daily News Egypt on 05 - 11 - 2009

LONDON: Moody s Investor Service said on Monday it was skeptical property markets across Europe, Middle East and Africa were fully on the front-foot after a two-year slump, despite signs of rising prices in some in-demand regions.
Fragile occupational demand and adverse tenant performance continues to threaten commercial mortgage-backed bonds (CMBS) secured on real estate assets in the region, the ratings agency warned in its latest Surveillance Report for the sector.
(We) anticipate further value declines until 2010 in all EMEA CMBS markets , said Christian Aufsatz, a Moody s senior vice president and co-author of the report.
Moody s said declining occupancy levels and increasing rental arrears had triggered cash flow problems for a growing number of loans, sparking a rise in defaults as a result of interest or debt service cover covenant requirements.
Over the coming quarters, Moody s said payment defaults were set to rise, as property cash flows weakened further.
Even if commercial real estate lending and investment markets continued to rally, Moody s said most commercial real estate loans would be highly levered at maturity unless values recovered substantially, which it did not expect to happen in the near- to medium-term.
The rate at which defaulted loans were moved into special servicing also rose in the third quarter, prompting a high level of rating actions during within EMEA CMBS, Moody s said.
During the third quarter, the agency downgraded a total of 84 classes of notes in 37 of the 196 transactions it monitors.
The majority of the rating actions comprised multiple-notch downgrades, resulting from the adjustment of Moody s forward-looking EMEA CMBS central scenarios.
At end-September, a total of 67 classes of notes remained on review - 66 classes of notes in 31 transactions remained on review for possible downgrade and one class remained on review with direction uncertain.


Clic here to read the story from its source.