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At Aquinore. UK. Good morning from the Financial Times. Today is Friday, June 21st, and this is your

F.T. News briefing. Fishy credit ratings are popping up in commercial real estate and new polls show the UK

could be in for a seismic political shift. Plus is natural hydrogen the next it girl of renewable energy. I'm Sonia Hudson and

here's the news you need to start your day. Credit agencies might have misrated more than a hundred billion dollars of

commercial real estate debt. There's at least a dozen deals that are in default

but still have the highest credit ratings

possible. Highly rated mortgage bonds are often based on a pool of property loans

so it makes sense that a single loan default wouldn't impact the overall

rating. But there has been a rise in so-called single-asset single borrower deals in the past decade, which is where, as the name

might suggest, mortgage bonds are backed by just one property. There are some

parallels here with the lead up to the financial crisis,

where credit agencies handed out high ratings to bonds

that were backed by subprime borrowers. And now to the UK election on July 4th.

Several high profile conservative party figures allegedly bet on the timing of

the upcoming election. That includes the party's campaign director and Prime

Minister Ritchie Sunex Parliamentary Secretary.

They're now being investigated by the British Gambling Commission for Insider Trading.

And speaking of bad news, new polling came out this week, and to say it's not great for the Conservatives

is a huge understatement.

Here to talk to me about it is the F.T.'s deputy political editor editor Jim Pickard.

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