Fitch Ratings has downgraded 35 bonds in 24 U.S. commercial mortgage-backed securities (CMBS) transactions to 'D', as the bonds have incurred a principal write-down. The bonds were all previously rated 'CC' or 'C' which indicates that Fitch expected a default.
Today's action is limited to just the bonds with write-downs. The remaining bonds in these transactions have not been analyzed as part of this review. Fitch has downgraded the bonds to 'D' as part of the ongoing surveillance process and will continue to monitor these transactions for additional defaults.
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 35 Bonds in 24 U.S. CMBS Transactions', or clicking on the link below.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011);
--'Fitch Downgrades 35 Bonds in 24 U.S. CMBS Transactions' (May 16, 2012).
Applicable Criteria and Related Research: Fitch Downgrades 35 Bonds in 24 U.S. CMBS Transactions
Global Structured Finance Rating Criteria
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
Britt Johnson, +1-312-606-2341
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Mary MacNeill, +1-212-908-0785
Sandro Scenga, +1-212-908-0278