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CMBS Downgrades Beat Out Upgrades in Second Quarter

Published Monday, August 04, 2003

Non-investment grade securities weathered a rough second quarter as Moody’s downgraded 16 non-investment grade securities over that span, with no upgrades. However, investment-grade CMBS fared better: Moody’s upgraded 34 and downgraded only 33. "Second-quarter rating actions were weighted toward downgrades by a ratio of 1.44 downgrades per upgrade. As the real estate markets work their way through the current downturn, Moody’s expects the downgrade to upgrade ratio will run from balanced to slightly in favor of downgrades for at least several more quarters," says Tad Phillipp, Moody’s managing director for CMBS. Also, Moody’s identified a problem with the ...

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