Moody’s turns Claros outlook to negative

Moody’s Investors Service said it revised the outlook for Claros Mortgage Trust Inc. (CMTG) to negative from stable and affirmed its Ba3 ratings.

“The change in outlook to negative reflects the recent deterioration in CMTG's loan performance. The ratio of problem loans to gross loans, which measures the proportion of portfolio loans on non-accrual status, stood at 7.44% as of 31 March 2023, up from 5.58% as of Dec. 31, 2022 and just 0.96% as of Sept. 30, 2022. The rapid deterioration in this metric was driven by three large loans which moved to non-accrual status in the fourth quarter of 2022 and the first quarter of 2023,” the agency said in a press release.

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