Shadow Rating

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Shadow Rating

A credit rating given to a bond issue by a credit agency that is not reported to the general public. Credit ratings of bonds generally must be made public eventually, but the credit rating agency gives the shadow rating to the issuer before the issue is made. This gives the issuer an idea of the likely demand for the bonds.
References in periodicals archive ?
In conjunction with this review, the shadow rating of the A note from Park Square Building loan was downgraded and the shadow ratings of the A notes from both the Gallery at Harborplace loan and the Amsdell portfolio loan were affirmed, resulting in the these rating changes.
Instead, Fitch provides model-based shadow ratings for the performing unrated loans.
Since the effective date in August 2007, approximately 53% of the portfolio has deteriorated in credit quality, which has been reflected by downgrades in either the explicit or shadow ratings, or the ratings of the bond insurers.
Fitch reviewed the shadow ratings of the following loans: 405 Park Avenue (2.
Three loans maintain investment-grade shadow ratings due to stable performance: Beverly Center (9.
9%) all retain their investment-grade shadow ratings based on their stable performance.
The downgrades reflect the lowering of the shadow ratings of eight loans in the pool to below investment grade.
Based on their stable performance since issuance the loans maintain investment-grade shadow ratings.
In addition, those loans with investment-grade shadow ratings are no longer considered investment grade.
8% of the transaction continue to maintain their investment grade shadow ratings.
Due to their stable performance, the loans maintain investment grade shadow ratings.