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Fitch影响商业房地产信贷的因素分析.pdf

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Fitch影响商业房地产信贷的因素分析

Public Finance Special Report Impact of Commercial Real Estate on Municipal Credit Analysts Summary Eric Friedland The commercial real estate (CRE) market is an important driver of credit for many +1 212 908-0632 types of municipal securities. The most direct impact is felt on securities backed by eric.friedland@ narrow revenue streams such as special assessments, tax-increment financings, and hotel occupancy taxes. However, changes in the CRE market can also have a significant Amy Laskey +1 212 908-1568 impact on broad-based sales and/or property tax-backed bonds, and if the change amy.laskey@ involves the loss of a major taxpayer or employer, it can negatively affect the overall revenue base of a local or state government. This report reviews current and expected Ann Flynn +1 212 908-9152 CRE conditions and discusses how Fitch Ratings incorporates this information into its ann.flynn@ analysis of municipal credit quality. Steve Murray Fitch believes the U.S. CRE market downturn will continue to have a negative impact +1 512 215-3729 on some municipal ratings. The effect on a particular security varies according to the steve.murray@ extent to which a pledged security depends on revenue generated by CRE. Where this Rachel Barkley dependence is significant, Fitch is concerned with three general attributes: +1 212

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