Taurus CMBS execution defies rating agency spat

Despite a spat between the rating agencies over a French CMBS, execution on the deal looks like a blowout success, with the final senior spread tightened down to 90bp and the deal still 2.6 times done. Fitch argued that the trade should be treated as credit-linked to EDF, the only tenant, which would have capped the rating at A-, but investors disagreed.