Fitch criticizes competitors' CMBS ratings

05/20/2013 | Reuters

Fitch publicly criticized the AAA ratings that its two competitors Moody's and Kroll issued to a new single-asset commercial mortgage-backed security. The unsolicited review by Fitch marks the first time that such a statement has been released before a deal was publicly launched and priced. Moody's and Kroll defended their ratings. "This building is in the top three in New York," said Tad Philipp, Moody's director of commercial real estate research. "It can attract tenants and capital. Even during a crisis, opportunity funds and others will line up to buy there."

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