Moody's Investors Service has released a report detailing reaction to its changes in subordination levels required for US commercial mortgage-backed securities (CMBS).
The rating agency announced in April that it would raise the credit enhancement required for US conduits by half a notch to a notch, as a result of decreasing underwriting standards in the sector.
As a result, Moody's said, it found that "ratings shopping is alive and well". Since the application of the adjustment in July, there
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