Moody’s Investors Service and Torto Wheaton Research will team up to develop software analyzing the risk of commercial mortgage whole loan portfolios. The software — to be called Moody’s Commercial Mortgage Metrics (or CMM) will help banks, life insurance companies and other holders of whole loans analyze credit risks.

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CMM metrics will be similar to those used to analyze other fixed income holdings. "Commercial real estate lenders will now have access to a credit processing software for loan level risk that includes a sophisticated array of metrics such as profitability of default and loss given default," says Tad Philipp, managing director of Moody’s CMBS team.

A Web-based version of CMM is expected to be released during the first quarter of 2004.