In this episode, Mudasar Chaudhry, who leads European Structured Finance Research at Morningstar DBRS, is joined by Mirco Iacobucci, Senior Vice President, Sector Lead, European Real Estate Ratings, and Patrizia Catanese, Assistant Vice President, European Real Estate Ratings, to discuss how disclosures on energy efficiency and their implementation are addressed within the European commercial mortgage-backed securities (CMBS) sector.

We delve into details on how Morningstar DBRS’ environmental, social, and governance (ESG) criteria framework incorporates ESG considerations in the credit rating process with reference to commercial real estate and how real estate assets contribute to carbon emissions. In the context of our analysis, we discuss how we evaluate the impact of the energy efficiency data, if available, on cash flow, value, and loan refinancing prospects. The conversation also revolves around some regulatory and disclosure requirements coming into force in the near future, which may affect CMBS.

Related Content: 

• Commentary - Energy Performance in European CMBS: Reporting and Regulations: https://dbrs.morningstar.com/research/428005

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