(The following statement was released by the rating agency)
-- Following our review of the three loans remaining in the transaction, we have affirmed our ratings on BELLATRIX (ECLIPSE 2005-2)'s class D and E notes at 'A (sf)' and 'D (sf)', respectively
-- Although we believe that the class E notes may experience additional losses, we are of the opinion that the class D notes remain adequately protected, given the available amount of credit enhancement.
-- BELLATRIX (ECLIPSE 2005-2) was originally backed by 13 loans secured against U.K. commercial properties. At present, three of these loans remain outstanding. The transaction's legal final maturity date is in January 2017.
-- These ratings are based on our criteria for rating European CMBS. However, these criteria are under review. As a result of this review, our future European CMBS criteria may differ from the current criteria. The criteria change may affect the ratings on all outstanding notes in this transaction.
Standard & Poor's Ratings Services today affirmed its credit ratings on BELLATRIX (ECLIPSE 2005-2) PLC's class D and E notes (see list below).
Today's rating actions follow our review of the credit quality of the three remaining underlying loans in the pool.
BELLATRIX (ECLIPSE 2005-2) is a U.K. commercial mortgage-backed securities (CMBS) transaction that was arranged by Barclays Bank PLC (A+/Negative/A-1) in August 2005. The transaction was originally backed by 13 loans secured on 39 predominantly office properties located across the U.K., with a high concentration in Greater London. Only three loans remain outstanding in the transaction, Oxford St, Cavendish Square, and Rivermead Court. As of the April 2012 interest payment date, the aggregate outstanding securitized balance has reduced to GBP16,586,100. The transaction's legal final maturity date is in January 2017.
THE OXFORD STREET LOAN (43% OF THE SECURITIZED LOAN POOL)
The loan has an outstanding balance of GBP7.2 million and matures in April 2013.
The loan is backed by a mixed-use property (consisting of a multi-storey car park with a restaurant on the ground floor) located in Central Manchester. The asset is fully occupied by two unrated tenants on long leases that expire in 2025.
In April 2012, the servicer reported a projected interest coverage ratio (ICR) of 2.40x and a loan-to-value (LTV) ratio of 56%, based on a valuation dated November 2011.
Taking into account our review of the loan, we do not currently anticipate principal losses on this loan.
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