In the latest incarnation of notching research, Moody's Investors Service recently released a study which demonstrates, according to the rating agency, that Moody's RMBS ratings would often not match the ratings on the same transaction by Fitch Ratings and Standard & Poor's (had Moody's rated them).

For its data set, Moody's looked at more than 700 tranches that it did not rate, from 169 transactions. The rating agency said that many of these tranches were not rated by Moody's because it had asked for higher credit enhancement levels.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.