Moody’s Investors Service may soon require more protection against losses in the highest-quality notes in CMBS for them to get a triple-A rating.

Known as senior As, these notes were introduced in the mid 2000s by bankers who were courting risk-averse investors. Today, the senior As typically have a 30% credit enhancement, meaning losses in a transaction have to exceed 30% of its principal before investors in these notes get hit.

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