In mid-April, Standard & Poor’s announced that it had placed the D and E tranches of Deutsche Bank’s DECO Series 2005-UK Conduit 1 deal on creditwatch negative because of problems with the valuations of some of the properties backing the deal. A quick glance at the assets reveals that 25% of the initial pool was made up of hotel and leisure-related properties – which should have been enough to ring alarm bells given that sector’s track record in the securitization market.
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