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JPMorgan Said to Break Moody’s Lock on Commercial-Mortgage Bonds

JPMorgan Chase & Co. has selected Standard & Poor’s to rate its planned $1.5 billion commercial mortgage bond offering, breaking the stranglehold Moody’s Investors Service has had on the market for 14 months.

The transaction is set to be offered to investors next week without a rating from Moody’s, according to a person familiar with the deal who declined to be identified because the transaction hasn’t been announced. Elizabeth Seymour, a spokeswoman for JPMorgan, declined to comment.