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Two series of notes, both of which feature highly diversified pools, will come to market simultaneously.

Payment certificates from as many as 14 Chilean electricity-generating entities will collateralize the notes, and benefit from a Chilean government guarantee.

But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.

The agency's president, Alanna McCargo, called the nonbank liquidity issue "the biggest of our time," while speaking at the Bipartisan Policy Center Tuesday.

Synovus Bank — whose parent company is Synovus Financial — sold the $373 million portfolio to private credit funds and accounts managed by KKR.

The collateral had a WA FICO score of 780. Classes A, B, and C notes had credit enhancement levels of 23.5%, 19.5%, and 16.1%, respectively.

Moody's said higher funding costs, a potential decline in bank capital and growing risk in the commercial real-estate industry prompted many of the downgrades.

Industrial equipment accounted for the plurality of the pool, with 22.8%; office equipment accounts for 21.6% and software claims 14.8%.

Much of the bullish case for emerging markets this year was predicated on a growth recovery led by China, which successive data releases have shown to be patchy at best and a non-starter at worst.

Product availability for July remained at levels last seen in 2013 as rates briefly broke above the 7% mark during the month, the Mortgage Bankers Association said.