It should be noted that the Moody's report is a credit report, not and equity analysis. Also, I believe Moodys issued the report on their own without any input from NRZ in hope that NRZ will eventually pay them for issuing a rating (maybe it gets better if you pay them?). Since mREITs primarily rely on secured financing, very few are willing to pay the agencies for credit ratings that focus on unsecured debt.
To provide a comparison, NRZ’s credit ratings have generally been the highest in the mREIT sector based on DBRS (Dominion Bond Ratings Service, which is now part of Morningstar). DBRS ratings are available to Bloomberg subscribers and are based on several key credit metrics. Very few mREITs score as investment grade. NRZ is one of the few.