A new $1 billion commercial mortgage-backed security is on the way, according to a pre-sale report by Kroll Bond Ratings.

The deal’s in-trust loan-to-value ratio of 101.9% is the highest among the 15 deals the agency has rated in the six months through January. But several mitigating factors — geographic diversity, high-quality obligors, and loans secured by multiple properties, among them — apparently helped the $760 million in A tranches achieve triple-A ratings.

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