New York, December 20, 2013 -- Moody's Investors Service would have been unable to reach a rating higher than A1 (sf) for a recently offered commercial mortgage backed security (CMBS) backed by a loan on a Paramus, NJ mall because it lacked a reserve or support class to absorb potential trust expenses not reimbursable by the borrower that otherwise would be passed through to certificate holders as an interest shortfall or principal loss. Two other rating agencies rated the transaction AAA. Moody's analysis of the transaction was published in a report titled "US CMBS: RBS Commercial Funding Inc. 2013-GSP Trust Lacks Structural Protection Needed to Achieve High Investment-Grade Ratings"

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