Wall Street Journal (08/05/08) P. C6; Miller, Jay
Despite declining property prices and the weakening economy, the nation's commercial real estate sector appears to be holding up. According to Moody's Investors Service, upgrades of bonds and structured products backed by U.S. commercial property mortgages outnumbered downgrades in the first six months of this year, although the vast majority of ratings actions were affirmations. Moody's upgraded 234 portions, or tranches, of debt and downgraded 123, while affirming 1,452 tranches of such notes. Moody's senior vice president Michael Gerdes commented, "Despite the relatively strong first-half performance, we continue to believe that the overall upgrade to downgrade ratio will moderate as the weak economy impacts commercial real estate."
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