Moody’s assigns Claros Mortgage loan Ba3

Moody’s Investors Service said it assigned a Ba3 rating to Claros Mortgage Trust, Inc.’s proposed fungible term loan B add-on.

Claros’ Ba3 long-term corporate family rating and Ba3 senior secured rating were unaffected by its decision to increase the term loan by $250 million, Moody’s said.

“The Ba3 rating assigned to CMTG’s proposed Term Loan B reflects its senior secured position in the company’s capital hierarchy and strong collateral coverage. The asset pledges comprising the loan’s security include a significant amount of cash and first-lien mortgages, which Moody’s views favorably,” the agency said in a press release.

Claros secured the outstanding seven-year loan in July 2019 for $450 million.

The outlook is negative.

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