Fitch Ratings-London-08 October 2009: Fitch Ratings has today downgraded Opera Finance (CMH) plc's EUR375m commercial mortgage-backed floating-rate notes due 2015 as follows:

EUR250m Class A: ISIN (XS0241931442) affirmed at 'AAA'; Outlook revised to Negative from StableEUR50m Class B: ISIN (XS0241934628) downgraded to 'A' from 'AA'; Outlook NegativeEUR40m Class C: ISIN (XS0241935195) downgraded to 'BBB-' from 'A'; Outlook NegativeEUR35m Class D: ISIN (XS0241935609) downgraded to 'B' from 'BBB'; Outlook Negative

The creditworthiness of the transaction has been impacted by the severity of declines in the Irish commercial real estate market. While a January 2009 re-valuation of the portfolio reflects a 9% market value decline (MVD) from the peak value in August 2008, Fitch estimates a further MVD of 35% based on current market conditions. This results in a Fitch loan-to-value ratio (LTV) of 101% on the securitised A-note and 127% on the whole loan, and is the main driver of the negative rating action.

The properties are of good to average quality and are primarily located in Dublin, with a single retail asset in Cork. The Stillorgan Shopping Centre, the largest asset in the portfolio (26% of MV), is a secondary shopping centre located in the suburbs of Dublin, while the second largest property in the portfolio is a grade A office property located in Dublin (17.9% of MV). With the exception of the shopping centre property, there is no vacancy in the portfolio (the WA vacancy stands at 2.8%). In general, the collateral benefits from a good lease rollover profile, with a weighted average lease term-to-break of 14.9 years which extends over 10 years after the maturity of the loan. While the portfolio displays a strong income profile, which largely insulates it from the current turbulence in the Irish domestic market, Fitch believes the retail element of the portfolio to be more exposed to potential declines in income due to tenant defaults or lease renegotiations.

Fitch's criteria for European CMBS surveillance and criteria for European multifamily loans were used to analyse the quality of the underlying commercial loans.

The applicable criteria, 'Criteria for European CMBS Surveillance (Europe CMBS)', dated 12 November 2008 and 'Global Structured Finance Rating Criteria', dated 30 September 2009, are available on www.fitchratings.com.

Fitch will continue to monitor the performance of the transaction. Updated surveillance data and a performance update report can be found on www.fitchratings.com.

Contact: Anuj Radia, London, Tel: +44(0)20 7682 7306; Gioia Dominedo: +44 (0) 20 7417 4376

Media Relations: Julian Dennison, London, Tel: +44 020 7682 7480, Email: julian.dennison@fitchratings.com.

Additional information is available at www.fitchratings.com.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.