Fitch Ratings has taken various actions on 41 structured finance (SF) and 87 commercial real estate (CRE) collateralized debt obligations (CDOs). The rating actions resolve the 'Under Analysis' status issued on Oct. 14, 2008 following Fitch's announcement of its proposed criteria revision for analyzing SF CDOs. The revised criteria report, 'Global Rating Criteria for Structured Finance CDOs', was published in its final form on Dec. 16, 2008 along with an updated version of the Fitch Portfolio Credit Model (PCM) that includes additional functionality for analyzing SF CDOs.
Fitch assigned Rating Outlooks to all classes, except for those classes rated 'CCC' and lower. Negative Outlooks were assigned to classes in transactions with a significant portion of the underlying portfolio comprised of residential mortgage-backed securities (RMBS) and other SF CDOs that are expected to continue to face negative pressure as the housing market stabilizes.
A spreadsheet detailing Fitch's rating actions to date is available on the Fitch Ratings web site at www.fitchratings.com under the following headers:
Structured Finance >> Structured Credit >> Special Reports.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Contacts:
Fitch Ratings, New York
Karen Trebach, +1-212-908-0215
Brian
Vorderbrueggen, +1-212-908-9102
Media Relations:
Sandro
Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com