Retailers’ continued efforts to right-size their portfolios are leading to undesirable side effects for legacy retail mortgages. Research firms that focus on the credit markets report that even as the overall volume of distressed retail loans has been shrinking, loss severities have been growing. At fault is the drop in the number of available retail tenants, says David Putro, vice president and team leader with the CMBS surveillance group at Morningstar Credit Ratings LLC. As ...

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