30 Hudson Yards exhibits credit characteristics consistent with an A (high) shadow rating
, Grand Canal Shoppes exhibits credit characteristics consistent with a BBB (high) shadow rating
, Moffett Towers II Buildings 3 & 4 exhibits credit characteristics consistent with a AA shadow rating
and The Centre exhibits credit characteristics consistent with a BBB (high) shadow rating
Swedbank's shadow rating
of Wallenstam AB is BBB flat and BBB- on the bond loans.
Even for fully wrapped transactions (in which the securities will carry the rating of the financial guarantor) the rating agencies still need to review the transaction so they can provide a shadow rating
, which is used by the rating agencies in determining the capital requirements for the financial guarantors.
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.
This credit research included the issuance of what the banks described as shadow ratings
. These reports related to different entities and underlying financial instruments and these reports included opinions, which ESMA found met the definition of a credit rating provided for by the CRAR.
Credit Opinion Loan: One loan in the pool received shadow ratings
. The Veritas Multifamily Pool 1 (9.99% of the pool) received an investment-grade rating of 'AAAsf' on a fusion basis and a 'AAAsf' rating on a stand-alone basis.