NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases a report on commercial tenant issues in CMBS resulting from the coronavirus (COVID-19) pandemic’s devastating impact on the economy.
COVID-19 has devastated the global economy and CMBS borrowers are facing unprecedented challenges as a result of limitations on the operations of commercial tenants. Reductions in demand as a result of social distancing policies, if not outright closures by civil authorities, have left businesses in the lurch.
KBRA is continuing its efforts to understand the dimensions of the economic disruption in the wake of COVID-19 across a variety of sectors. In conjunction with those efforts, this article is intended to briefly highlight some of the legal issues KBRA expects to become focal points in determining the breadth and severity of the pandemic in CMBS, in regard to force majeure, tenant rent relief requests, business interruption insurance, and litigation.
As events surrounding the crisis unfold, our thoughts are with the individuals and families who have been affected by the virus.
Click here to view the report.
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA. Kroll Bond Rating Agency Europe Limited is located at 6-8 College Green, Dublin 2, Ireland.