A new $848 million rated commercial mortgage-backed securities deal is being marketed by Goldman Sachs and Citigroup, according to Moody’s Investors Service.
The securitization, one of the six non-agency multiborrower CMBS Moody’s has rated this year, bears out what an analyst told this publication has been an increasing trend toward more diversity in deals since the market essentially restarted in mid-2009.
“We expect the trend toward increased diversity [in terms of the number of loans in the deal, for example] will continue going forward,” said Joseph Baksic, a Moody’s senior analyst and vice president.
In addition, the securitization has slightly high loan-to-value ratios, but Baksic said these are still a far cry from the higher LTVs seen during the market’s peak in 2006 and 2007.
"It's still nowhere near where we were back then,” he said.
The deal, CS Mortgage Securities Trust 2010-C2 has Moody’s highest provisional rating on four of its nine rated tranches. Other tranches’ ratings range from Aa2 to B2, in addition to a typical unrated piece of the deal that provides credit support.
