Fitch Downgrades or Withdraws Distressed Classes in 34 U.S. CMBS Transactions

NEW YORK--()--Link to Fitch Ratings' Report: Fitch Downgrades or Withdraws Distressed Classes in 34 U.S. CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=740836

Fitch Ratings has taken various actions on already distressed bonds in 34 U.S. commercial mortgage-backed securities (CMBS) transactions. Fitch downgraded 60 bonds in the transactions to 'D', as the bonds have incurred a principal write-down. The bonds were all previously rated 'C', which indicates an imminent default was expected.

Fitch has also withdrawn the ratings on two bonds in a transaction where the remaining classes have been reduced to zero from paydown and/or realized losses. One bond was downgraded from 'C' to 'D' simultaneously with the withdrawal, while the other withdrawn bond was already rated 'D'.

Key Rating Drivers

Today's downgrades are limited to just the bonds with write-downs. Any remaining bonds in these transactions have not been analyzed as part of this review.

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, Affirms, or Withdraws Distressed Classes in 34 Transactions', or clicking on the link above.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--''U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013)

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=823553

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Contacts

Fitch Ratings
Primary Analyst
Chris Bushart, +1 212-908-0606
Senior Director
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, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Chris Bushart, +1 212-908-0606
Senior Director
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, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com