If the Securities and Exchange bans Standard & Poor’s from rating commercial mortgage backed securities, as it is reportedly planning to, bonds backed by a single, large asset would be hit disproportionately, according to J.P. Morgan.

That’s because S&P has gained a large share of the market for rating such deals.   It has rated 37 deals backed by a single loan on a single, large asset so far this year. By comparison, S&P has only rated 3 conduit deals in 2014 and none since the S&P issued a Wells notice. 

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