Fitch Downgrades 10 Bonds in 8 CMBS Resecuritizations and CRE CDOs

NEW YORK--()--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Additionally, Fitch has withdrawn the ratings on four CMBS resecuritizations and two synthetic CRE CDOs because all rated bonds and classes in the transactions are now 'Dsf'.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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736884

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718027

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=820672

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Surveillance Analyst
Matthew McGowan, +1-212-908-0733
Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Surveillance Analyst
Matthew McGowan, +1-212-908-0733
Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com