Goldman Sachs Group Inc. and Citigroup pulled a $1.48 billion commercial mortgage-backed security from the market late Wednesday after an 11th-hour internal review by Standard & Poor's, throwing the CMBS world into disarray, according to the Wall St Journal.
The move surprised analysts and investors since Goldman Sachs and Citigroup had already priced the issue last Friday based on preliminary ratings. The firms were hours away from settling the issue.
"I've never seen this happen, to the extent where a deal was so far along, ever," said David Viklund, a laywer at Paul Hastings who has practiced in real-estate finance since 1995. It could hurt ...
Find out more at http://online.wsj.com/article/SB10001424053111903635604576474512528770304.html?mod=WSJ_business_whatsNews
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