We expect the economic impact of COVID-19 to lead to deterioration in prices or confidence in commercial real estate (CRE) and commercial mortgage-backed securities (CMBS), which could result in loan losses, margin calls on repurchase facilities, as well as stress on earnings for CRE lenders. We are revising our outlook on the company to negative from stable. At the same time, we are affirming our 'B+' issuer credit rating on the company. The negative outlook reflects our view that the company may experience a deterioration in asset values in the current difficult operating environment, leading to margin calls on its secured repurchase agreements. On March 26, 2020, S&P Global Ratings revised its outlook on Loancore Capital Markets LLC (LCM) to
