Standard & Poor's on Monday announced a proposed overhaul of how it rates commercial mortgage-backed securities, after a slip-up on a $1.5bn deal last year cost it much of its market share.
The agency found itself all but locked out of the market to rate CMBS offerings following the hitch in the Goldman Sachs/Citigroup deal, which capped a series of missteps by the agency.
S&P, one of the big three ratings agencies along with Moody's and Fitch, overhauled its CMBS ratings team in the wake of the debacle and sacked the then-head of the unit.
Read more...After losing market share, S&P tries CMBS ratings revamp | Reuters
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