Fitch Downgrades 46 Bonds in 23 U.S. CMBS Transactions

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded 46 bonds in 23 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 46 Bonds in 23 U.S. CMBS Transactions', or clicking on the link above.

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' (June 6, 2012);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011);
--'Fitch Downgrades 46 Bonds in 23 U.S. CMBS Transactions' (Sept. 21, 2012).

Applicable Criteria and Related Research: Fitch Downgrades 46 Bonds in 23 U.S. CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=689869

Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

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