A major development in the commercial mortgage-backed securities sector in the last few years has been the reduced appetite for aggregation risk on the part of issuers and originators, according to Moody's Investors Service, and the rating agency recently published a research report addressing how it rates loans greater than $50 million - known as "large loans."

According to the report, by Moody's senior vice president Sameer Nayar, Moody's analysis of large loans focuses on the credit characteristics of the asset, the structural features of the transaction and the impact of diversification in a cross-collateralized pool situation.

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