Moody's Eyes German CMBS Classes

Moody's Investors Service has placed on review for possible downgrade two classes of notes issued by Global Hotel One Ltd., a synthetic commercial mortgage-backed securities deal sponsored by Germany's Aareal Bank AG.The move affects the A2 rating of the 85 million euro (about $100 million) class B-1 floating-rate credit-linked notes and the A2 rating of the 5 million euro (approximately $5.9 million) class B-2 fixed/floating-rate credit-linked notes in the transaction. Moody's said the rating action "follows the review for potential downgrade of the Aa3 rating of DEPFA Deutsche Pfandbriefbank AG's ('Depfa') senior unsecured debt rating." Depfa's senior unsecured notes serve as collateral for the two affected classes in the deal, according to Moody's. The rating agency can be found online at http://www.moodys.com.