QUESTION 10 The LTVs of collateral pools, as determined by the issuers and the rating agencies, are always very different. The primary reason for this difference is that All of the above. Rating agencies use "Stressed or "Stabilized' cap rates which are more conservative than market capitalization rates in effect at the time the pooled loans are securitized. Rating agencies apply capitalization rates taking into account the impact of debt leverage on the property. Issuer capitalization rates include forward rate projections