Failed sale, appraisal delays behind first loss on a AAA bond since 2008 crisis

1740 Broadway News

Failed sale, appraisal delays behind first loss on a AAA bond since 2008 crisis
Credit Rating AgenciesCMBSBlackstone Group
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A failed attempt to sell a New York City office tower helped cause more than a year-long delay for two credit rating agencies to downgrade a commercial...

A failed attempt to sell a New York City office tower helped cause more than a year-long delay for two credit rating agencies to downgrade a commercial mortgage bond to junk, according to a source familiar with the situation and a review of filings from the agencies. The delayed ratings cut of 1740 Broadway bonds blindsided investors in the safest tranche of the commercial mortgage -backed securities . The 26% loss on their $157.

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Credit Rating Agencies CMBS Blackstone Group Commercial Mortgage-Backed Security DBRS Property Appraisals Commercial Mortgage Credit Quality 2008 Financial Crisis

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