CMBS Market Loses Steam as $1.5 Billion Issuance Implodes

``... in a bombshell last week, Standard and Poor's (S&P) announced that it would not be able to rate a new $1.5 billion CMBS issue underwritten by Goldman Sachs and Citibank. This forced the deal to be pulled from the market, introducing an entirely new level of risk to the new issue CMBS market. The deal had already been forced to be reorganized after presale reports came out and traders and loan contributors complained about its structure. ''