NAIC opts for macroeconomic based approach for CMBS

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The US National Association of Insurance Commissioners (NAIC), will move to a macroeconomic approach for rating commercial mortgage-based securities (CMBS) with its appointment of BlackRock Solutions to model these asset's value. This approach differs with the default probability methodology of the nationally recognised statistical rating organisations (NRSROs) that previously performed this function. The move follows the Kansas City-based NAIC's decision to appoint investment consultancy Pim