Among the ripple effects of Lehman Brothers Holdings Inc.'s bankruptcy filing are possible downgrades of some European commercial mortgage-backed securities transactions. Moody's Investors Service analysts in London said Moody's has placed 10 European CMBS transactions on review for further possible downgrade based on their exposures to LBHI or its subsidiaries. Fitch Ratings also said it is reviewing Lehman's counterparty exposure in global structured finance transactions. In addition, UBS AG has said it expects to incur a cost not to exceed $300 million related to closing out its exposures to Lehman net of hedges, something it has "substantially" completed.
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