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Of the original 68 credit-tenant leases (CTLs) in the pool, 14 remain outstanding. The remaining downgrades, aside from a couple of credit-tenant lease transactions, were generally confined to non-investment-grade classes of conduit transactions. Now that many of the Kmart credit-tenant lease (CTL) ratings have been removed and/or set to single-'D', the pace of the number of downgrades should slow," said Roy Chun, Managing Director in Standard & Poor's Structured Finance Surveillance group. |
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