From Bloomberg:
Moody’s to Review $302.6 Billion in Commercial Debt (hat tip Bob_in_MA, Brian for the post title!)
Moody’s Investors Service is reviewing the ratings of $302.6 billion in commercial mortgage-backed securities as real-estate values drop and property owners fall behind on payments.
The review encompasses 52 percent of outstanding U.S. commercial mortgage-backed debt ranked by Moody’s ...
And so it begins for CMBS. First the reviews, then the downgrades, followed by the bank write-downs, and then more reviews ...