Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Moody’s May Cut $5.5 Billion of Tesco-Linked Asset-Backed Bonds

Jan. 25 (Bloomberg) -- Moody’s Investors Service put on review for a possible downgrade about 3.5 Billion pounds ($5.5 billion) of commercial mortgage-backed securities linked to U.K. retailer Tesco Plc.

The action follows the rating firm’s decision to put the Cheshunt, England-based supermarket operator’s A3 rating under review for a downgrade on Jan. 20, analysts including Manuel Rollmann in London wrote in a statement today.

The review covers six transactions including four issues from Tesco special purpose companies that are backed by rents from the retailer’s stores, Moody’s said.

Asset-backed securities package loans into bonds that can be sold on to investors. The securities typically allow issuers to raise capital more cheaply than from unsecured debt.

Link to Company News:{TSCO LN <Equity> CN <GO>} Top bond news: {TOP BON <GO>} ABS news:{NI ABS <GO>} Stories on Eurobond Market: {NI EBN <GO>} Corporate Bond New Issue Monitor: {NIM <GO>} European Bond League Tables: {LEAG <GO>}

To contact the reporter on this story: Esteban Duarte in Madrid at eduarterubia@bloomberg.net

To contact the editor responsible for this story: Paul Armstrong at parmstrong10@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.