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Which opinion is more reliable: A well-informed one tainted by financial arrangements or one free of such conflicts but based on limited data — and possibly colored by spite? Investors in securitizations are now getting more of the second kind, though not as often nor in the precise form regulators hoped for when they enacted reforms encouraging unsolicited opinions. For example, Fitch wasn't hired to rate single-borrower securitizations in the fledgling single-family rental market, but it recently assessed these transactions' risks. The company's analysts recently said in a ratings comment that issuers risk not being able to refinance large balloon loans underlying deals when those loans mature. Fitch mainly cited debt yield, a metric that shows a property's capacity to support financing. Debt yield is calculated by dividing the property's cash flow by the debt. Three recent deals in the single-family rental sector had debt yields below 5%, compared to the roughly 9% typically found in Freddie Mac multifamily securitizations, the rating firm noted. In contrast, presale reports by other ratings agencies generally indicate that refinancing through securitization is just one option in a maturity default where a loan can't refinance. They base credit and in some cases top triple-A credit ratings more on the potential recovery through foreclosure and property sales, a practice Fitch disputes. "From our perspective, especially for investment grade debt, you shouldn't have to foreclose. The property should generate sufficient cash flow that a take-out lender at maturity would feel comfortable refinancing," said Dan Chambers, a managing director at Fitch. Unpaid ratings agency opinions became more accepted after 2007 when waves of downgrades hit a huge number of mortgage securities that previously had top triple-A ratings, according to Mark Adelson, a veteran bond market executive and researcher known for his early warnings about mortgage securitization risks before the downturn. "Back in the '90s or early 2000s a rating agency would say of unsolicited ratings, 'This is sour grapes,' and might get an investor to dismiss those opinions. It's a lot harder for the sell side to make those arguments today," said Adelson, who is now chief strategy officer at BondFactor, a company created to help improve insurance claim payment certainty in the municipal market. Unsolicited ratings or ratings comments may be unbiased by seller payment but still competitively biased, particularly given that competition has grown because the downturn created opportunity for new entrants who could bill themselves as untainted by pre-crisis ratings mistakes. But the bias in unpaid ratings reports creates balance because it tends to present a more conservative view of deal risks, rather than downplaying them as paid ratings often are more prone to do. Grade To Order This is important because regardless of whether ratings agencies are new entrants or former players, sellers generally tend to "ratings shop" in choosing which ones they want to work with, said Adelson. This encourages raters to de-emphasize risks in seller-paid ratings over time because sellers generally tend to hire the ratings agencies that offer the most