Nomura Securities recently released a report on the timing issues in rating agency downgrades and surveillance of CMBS deals. The report said that CMBS investors can use the study's results to develop expectations about how the three rating agencies are likely to react in any given deteriorating credit situation.

One of the major findings of the report: Compared to its competitors, Moody's Investors Service has been the first to react to deteriorating CMBS credit quality with watchlistings and downgrades.

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