S&P says the restructuring of the Fleet Street Finance Two CMBS this month by Capital Asset Services (Ireland) does not affect the transaction's ratings. The restructuring, begun in February 2010 and completed in October, followed the insolvency of key tenant Karstadt (SCI passim).
The restructuring includes extending the notes' legal maturity to July 2017, on the condition that the application of all property income and sale proceeds service the bonds in interest and principal.
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