CHICAGO--()--Fitch Ratings has downgraded 31 bonds in 25 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.
In addition, Fitch withdraws 10 bonds in four transactions that have been reduced to zero due to paydown or realized losses. All 10 bonds were rated 'Dsf'.
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 Defaulted Bonds in 29 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).
Applicable Criteria and Related Research: Fitch Downgrades or Withdraws Defaulted Bonds in 29 U.S. CMBS Transactions
Global Structured Finance Rating Criteria
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions