DBUBS 2011-LC3 -- NEW ISSUE CMBS***PUBLIC LAUNCH***JOINT BOOKRUNNERS / CO-LEAD MANAGERS: DEUTSCHE BANK & UBS SECURITIESCO-MANAGERS: LADDER CAPITAL SECURITIES, J.P. MORGAN & NOMURA SECURITIESRATING AGENCIES: FITCH & MOODY'S***PUBLIC OFFERED CERTIFICATES***CLASS RATING (F/M) SIZE (MM) WAL LAUNCH PX TARGETA-1 AAA/Aaa 97.779 2.78 S + 130 $101A-2FX AAA/Aaa 671.771 4.74 S + 225 $101A-3 AAA/Aaa 97.268 6.84 S + 265* $101A-4 AAA/Aaa 112.102 9.72 S + 200* $101*NOTE CHANGE FROM GUIDANCE
How can you have 2 kinds of AAA in a deal? Isn't AAA supposed to mean good as gold? That the agencies have gone back to rating "subordinate AAAs" means nothing is new under the sun.
I'm assuming the SS was the public issue?
correct. they sold the AM as a private placement
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