Bonds fall after S&P downgrades several CMBS

07/15/2009 | Wall Street Journal, The

A change in Standard & Poor's rating methodology and other issues has prompted the agency to downgrade a number of commercial mortgage-backed securities. The downgrades caused bonds backed by commercial mortgages to fall. A Dwight Asset Management senior portfolio manager said the CMBX Series 5 dropped 3 cents on the dollar after the downgrades. More downgrades are likely.

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