Fitch Ratings has taken various rating actions on already distressed U.S. commercial mortgage-backed securities (CMBS) bonds. Fitch downgraded 19 bonds in 11 transactions to 'D', as the bonds have incurred a principal write-down. The bonds were all previously rated 'CC' or 'C', which indicates that losses were probable.
Fitch has also withdrawn the rating on one bond in a transaction where the remaining classes have been reduced to zero due to pay down and/or realized losses. All five bonds were rated 'Dsf'.
KEY RATING DRIVERS
Today's downgrades are limited to just the bonds with write-downs. Any remaining bonds in these transactions have not been analyzed as part of this review. In cases where the last rated tranches of a transaction are in default and rated 'D', the defaulted ratings will be automatically withdrawn within 11 months of the date of the previous rating action.
A spreadsheet detailing Fitch's rating actions on the affected transactions is available at 'www.fitchratings.com' by performing a title search for: Fitch Downgrades or Withdraws Ratings on Distressed Classes in 12 U.S. CMBS Transactions', or by clicking on the link above.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (May 20, 2014);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).
Applicable Criteria and Related Research: Fitch Downgrades, or Withdraws Distressed Classes in 12 Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=807088
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=912195
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Mary
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sandro.scenga@fitchratings.com