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Aug. 3 (Bloomberg) — Standard & Poor’s, frozen out of the commercial-mortgage bond market since last year, is changing its method for rating the instruments in a way that may produce higher grades for some securities.

The preliminary criteria that S&P released in June would result in higher rankings for the three deals that it has rated since then, according to reports distributed to investors by the company. For a $340 million offering of mall debt that Morgan Stanley sold yesterday, S&P said its new methodology would rate the entire deal investment-grade, while the old criteria resulted in $29.7 million of unrated debt.


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