Moody's: CMBS Credit Assessed Loan Symbols to be Revised

New York, May 07, 2014 -- Moody's has updated the reference guide in which our ratings symbols are defined. The symbols with which Structured Credit Assessments (SCAs) are reported for certain loans that serve as collateral in CMBS transactions will be changed to better reflect the differences between SCAs and our long-term ratings. A loan assessed as Baa3 under the current system will be given an SCA of baa3 (sca.pd) to reflect that it is a structured credit assessment of the loans probability of default. The revised SCA symbols will appear in new issue pre-sale reports and surveillance press releases starting today. While loans with SCAs are most common in conduit and fusion CMBS transactions, they are also found in floating rate, large loan and CRE CDO/CLO transactions.

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