A property investor purchased an office in the City of London with a market value of 500.0 million. The property is multi-tenanted to financial industry firms. The purchase is financed with a E340.0 million "5 year loan" with an annual debt service due of 18.0 million, that includes a 6.8 million annual amortisation. The net average annual cash flow is 29.7 million. You are a rating analyst and being asked to estimate the following: a) Estimate the Debt Service Coverage Ratio (DSCR). b) Based on your estimate of the DSCR and a diversity score of S i) Estimate the Tenant's Contribution (TC) to the DSCR. ii) What is the Term default risk rating equivalent? C) As a rating analyst you haircut the market value by 10.0%. Based on this haircut i) Estimate the Haircut property value and Haircut Loan to Value (LTV). ii) Estimate the Refinancing Haircut LTV Table 1 provides the mapping of different DSCRs to the Term default risk rating equivalent Table 1 Weighted average Tenant DSCR Diversity score Rating 1.90 1.65 1.43 1.24 1.07 Ba3 Ba3 Ba3 Ba3 Ba3 Term default risk rating equivalent Baa2 Baa3 Ba2 Ba3 Ba3