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CMBS double take

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When this popped into my inbox today, I couldn't quite belive my eyes:

London - Moody's upgrades Class M and Class B CMBS Notes of Business Mortgage Finance No. 1 plc

That's right, CMBS notes being upgraded. Haven't seen that in a while. Only a small issue, and not secured against regular commercial property (actually against loads of owner occupied small business type stuff), but a reason to be cheerful nonetheless.

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