Criteria Structured Finance CMBS: U.S. CMBS 'AAA' Scenario Loss And Recovery Application

1. This article refines S&P Global Ratings' methodology for assessing the impact of losses and recoveries resulting from our 'AAA' rating scenario for U.S. conduit/fusion commercial mortgage-backed securities (CMBS). This article relates to the "credit quality of the securitized assets" principle described in "Principles Of Credit Ratings," published on Feb. 16, 2011. It is meant to be read in conjunction with "Rating Methodology And Assumptions For U.S. And Canadian CMBS," which we published on Sept. 5, 2012. 2. The goal of this criteria refinement is to provide more transparency about the approach we use to apply losses under our 'AAA' rating scenario to transactions with super-senior certificates. 3. These criteria only apply to conduit/fusion CMBS transactions with super-senior classes that

...1. This article refines S&P Global Ratings' methodology for assessing the impact of losses and recoveries resulting from our '###' rating scenario for U.S. conduit/fusion commercial mortgage-backed securities (CMBS). This article relates to the "credit quality of the securitized assets" principle described in "Principles Of Credit Ratings," published on Feb. 16, 2011. It is meant to be read in conjunction with "Rating Methodology And Assumptions For U.S. And Canadian CMBS," which we published on Sept. 5, 2012....

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