{"id":1004023467,"date":"2010-09-29T08:13:39","date_gmt":"2010-09-29T16:13:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004023467"},"modified":"2022-12-07T22:21:08","modified_gmt":"2022-12-08T06:21:08","slug":"what-does-moodys-reit-rating-methodology-tell-us","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/what-does-moodys-reit-rating-methodology-tell-us\/","title":{"rendered":"What Does Moody&#8217;s REIT Rating Methodology Tell Us?"},"content":{"rendered":"<p>By Philip Kibel, Senior Vice President, Moody\u2019s Investors Service<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004023468\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/what-does-moodys-reit-rating-methodology-tell-us\/kibel_philip-09_061-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg\" data-orig-size=\"2336,3504\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Kibel_Philip 09_061\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?w=683\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg\" alt=\"\" title=\"Kibel_Philip 09_061\" width=\"200\" height=\"300\" class=\"alignright size-medium wp-image-1004023468\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg 2336w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=200,300 200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=768,1152 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=683,1024 683w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=1024,1536 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=1365,2048 1365w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=150,225 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=300,450 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=696,1044 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=1068,1602 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=1920,2880 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Kibel_Philip-09_0611.jpg?resize=280,420 280w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><\/p>\n<p>Moody\u2019s REIT and Other Commercial Real Estate Firms Rating Methodology Grid encompasses the key factors that drive our ratings. Moody\u2019s analysts use this grid as a starting point to evaluate the creditworthiness of a REIT or real estate operating company. <\/p>\n<p>The crux of Moody&#8217;s fundamental analysis is to determine the quality, diversity and sustainability of a firm&#8217;s earnings and cash flows relative to cash needs, and to translate those judgments into the likelihood of default, and recovery rates, assuming default.  Commercial real estate firms issue both unsecured debt and mortgage debt (usually non-recourse) which subordinates the claims of the unsecured creditors.<\/p>\n<p>By using the grid, an analyst can estimate a rating range for a REIT or REOC and the characteristics most likely to drive an upgrade or downgrade. An analyst will also use rolling averages for grid inputs, as well as the historical trend of individual rating drivers to generate sharper insight into performance. Furthermore, pro forma information and alternate outcomes from different stress scenarios generate insight into the likely credit path of a firm. <\/p>\n<p>The table below summarizes the key rating drivers and sub-factors that comprise the Moody\u2019s Rating Grid.  Moody\u2019s has applied this rating grid to all of its rated North American REITs and REOCs.  The results have been within one to two rating notches of the existing ratings except for some REITs in the lodging and healthcare sectors. <\/p>\n<p>For companies in lodging and healthcare, volatility of earnings tends to influence the rating more than a strong balance sheet does.  Healthcare REITs, for example, are acutely exposed to operator business volatility and government funding shifts, the two being linked, and with often-high levels of tenant concentration and performance correlation. Lodging REITs experience often-sharp cash flow volatility due to daily movements in occupancy and room rates and high property expense ratios, with particular sensitivity to economic conditions.<\/p>\n<p>Moody\u2019s rates the securities of 123 commercial real estate firms globally, which have a median rating of Baa2, at the lower end of the investment grade level.  <\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/CPE-Capital-Markets-graphic-for-9.29.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004023453\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/closed-vs-offered-volume-all-core-including-hotel\/cpe-capital-markets-graphic-for-9-29\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/CPE-Capital-Markets-graphic-for-9.29.jpg\" data-orig-size=\"971,763\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"CPE &#8211; Capital Markets graphic for 9.29\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/CPE-Capital-Markets-graphic-for-9.29.jpg?w=971\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/CPE-Capital-Markets-graphic-for-9.29.jpg\" alt=\"\" title=\"CPE - Capital Markets graphic for 9.29\" width=\"300\" height=\"235\" class=\"alignright size-medium wp-image-1004023453\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/CPE-Capital-Markets-graphic-for-9.29.jpg 971w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/CPE-Capital-Markets-graphic-for-9.29.jpg?resize=300,236 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/CPE-Capital-Markets-graphic-for-9.29.jpg?resize=768,603 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Philip Kibel, Moody&#8217;s Investors Service: <\/p>\n<p>Moody&#8217;s REIT and Other Commercial Real Estate Firms Rating Methodology Grid encompasses the key factors that drive our ratings. Moody&#8217;s analysts use this grid as a starting point to evaluate the creditworthiness of a REIT or real estate operating company. <\/p>\n","protected":false},"author":936,"featured_media":1004023468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004023467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Does Moody&#039;s REIT Rating Methodology Tell Us? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/what-does-moodys-reit-rating-methodology-tell-us\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Does Moody&#039;s REIT Rating Methodology Tell Us?\" \/>\n<meta property=\"og:description\" content=\"By Philip Kibel, Moody&#039;s Investors Service:   Moody&#039;s REIT and Other Commercial Real Estate Firms Rating Methodology Grid encompasses the key factors that drive our ratings. 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