Financial Times FT.com

S&P flip-flop hurts CMBS market

By Aline van Duyn in New York

Published: July 23 2009 03:00 | Last updated: July 23 2009 03:00

Confidence in the dysfunctional market for securities backed by commercial mortgages was further dented this week after a -ratings flip-flop by Standard & Poor's caused confusion.

The ratings agency, which recently changed its criteria for large numbers of bonds backed by loans for shopping centres, offices and other commercial property, upgraded bonds to -triple A just days after those same bonds had been sharply downgraded.

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