Moody’s Investors Service may not be the only credit rating agency to get the ax after asking for more investor protections on commercial mortgage bonds.

Fitch Ratings has been excluded from rating the junior tranches of at least two deals after increasing the required subordination for a BBB- ratting, according to JP Morgan. “The preliminary term sheets for the two deals currently marketing show that Fitch is excluded from both deals,” the bank said in a report published this week. It does not name the deals.

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