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Advanced Notice Of Proposed Criteria Change?U.S. CMBS Rating Methodology And Assumptions For Conduit/Fusion Pools?Update Aug 11
Standard & Poors, Aug 2011
Abstract
NEW YORK (Standard & Poor's) Aug. 5, 2011--In connection with the review of the application of its conduit/fusion CMBS criteria in relation to the calculation of debt-service-coverage ratios (DSCRs), Standard & Poor's Ratings Services has determined that the approach used for DSCRs on new transactions rated since early 2011 has produced results that are consistent with Standard & Poor's rating definitions. Such approach was to calculate a loan's DSCR as the average of two ratios. The difference between these two ratios was their denominators. One ratio used the loan's actual debt service amount as the denominator. The other ratio used a hypothetical debt service amount, based on the loan constants specified in the criteria, as the denominator. The averaging approach...
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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