Fitch Downgrades or Withdraws Ratings on Distressed Classes in 16 U.S. CMBS Transactions

Fitch Ratings has taken various rating actions on already distressed U.S. commercial mortgage-backed securities (CMBS) bonds. Fitch downgraded 26 bonds in 12 transactions to 'D', as the bonds have incurred a principal write-down. The bonds were all previously rated 'CCC' or 'C', which indicates that losses were possible.

Fitch has also withdrawn the ratings on 29 bonds in four transactions where the remaining classes have been reduced to zero or have experienced non-recoverable realized losses. All 29 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the last rated tranches of a transaction are in default and rated 'D', the defaulted ratings will be automatically withdrawn within 11 months of the date of the previous rating action.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 16 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 Ratings on Distressed Classes in 16 U.S. CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=824068

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=935975

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