Citigroup Inc. and Goldman Sachs Group Inc. have revived and expanded a commercial mortgage-backed security (CMBS) that was suspended in July when Standard & Poor's (S&P) announced it would not be able to rate the issue.
The Wall Street Journal reports that Citigroup and Goldman are remarketing the issue by having three other entities – Fitch Ratings, Moody's Investors Service and Morningstar Inc. – involved in rating on the deal.
The CMBS, which was originally priced at $1.5 billion, has been expanded to $1.7 billion and restructured to include a 30% credit enhancement for senior investors. The release of the original CMBS, known as the GS Mortgage Securities Trust 2011-GC4, was halted when S&P did not deliver its final rating in time for the issuance.
