Problems in the European markets, stock market gyrations and fears that economic growth may be slowing have all contributed to both spread widening as well as a steepening of the credit curve in the commercial mortgage-backed securities market, according to Annaly Capital Management's third quarter 2011 market commentary.

Standard & Poor's decision to withdraw its rating on CMBS deals on July 27 following an advance notice of a change in their rating criteria contributed to spreads widening on S&P rated transactions on fears of potential downgrades arising from the new rating criteria.

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