Standard & Poor’s downgraded commercial mortgage-backed notes sold by a fund of Becton Property Group as the Australian developer seeks to sell assets to repay the debt. The top class of notes was downgraded five rungs to single-A from triple-A, the ratings firm said today in an e-mailed statement. S&P said it may cut the grades further if it sees an increasing prospect that bondholders won’t be repaid before the legal final maturity of the notes in 2012.
Becton’s commercial mortgage bonds downgraded by S&P
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