Caa3

Definition:

A rating within speculative grade Moody's Long-term Corporate Obligation Rating. Obligations rated Caa3 are judged to be of poor standing and are subject to very high credit risk. Rating one notch higher is Caa2. Rating one notch lower is Ca

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

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Guaranteed Mortgage Certificates (GMC)

First issued by Freddie Mac in 1975, G.M.C.s, like PCs, represent undivided interest in specified conventional whole loans and participations previously purchased by Freddie Mac.

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