The CDO notching rating brouhaha between Fitch Ratings, Moody's Investors Service, Standard & Poor's may not be impacting the CMBS market as much as some expected.

In its monthly real estate round up, Fitch noted commercial mortgage-backed securities (CMBS) were less attractive to collateralized debt obligation (CDO) investors due to the narrowing spread gap between CMBS and CDOs. Thus, the rating agency determined that the impact of notching in the market has been moderated and is not a "major factor in the current market."

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