Goldman Sachs Group and Citigroup were forced to pull a $1.5 billion commercial mortgage-backed securities offering because Standard & Poor's refused to rate the notes, because of a discrepancy in how the transaction was graded. "The CMBS market remains a challenge going forward and we're still at an early stage of the recovery," said Brad Hintz, an analyst at Sanford C. Bernstein & Co. "The rating agencies are much more in control than perhaps they were prior to the crisis."

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