NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded eight bonds in six CMBS resecuritizations and two classes of notes in two synthetic commercial real estate collateralized debt obligations (CRE CDOs) to 'Dsf', as each bond or class of notes has incurred a principal write-down. The bonds and classes of notes were all previously rated 'Csf', which indicates that Fitch had expected a default.
A rating action spreadsheet, titled 'Fitch Downgrades 10 Bonds in 8 CMBS Resecuritizations and CRE CDOs', dated Feb. 14, 2014, details the individual rating actions for each rated CDO. It can be found on Fitch's website at 'www.fitchratings.com' by performing a title search or by using the link below.
Today's actions are limited to bonds and classes of notes with principal write-downs. The remaining bonds in the CMBS resecuritizations have not been reviewed as part of this action.
Additionally, Fitch has withdrawn the ratings on four CMBS resecuritizations and two synthetic CRE CDOs because all rated bonds and classes in the transactions are now 'Dsf'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (May 24, 2013);
--'Global Rating Criteria for Structured Finance CDOs' (Sept. 12, 2013).
Applicable Criteria and Related Research: Fitch Downgrades 10 Bonds in 8 CMBS Resecuritizations and CRE CDOs
Global Structured Finance Rating Criteria
Global Rating Criteria for Structured Finance CDOs