Fitch Updates Surveillance Criteria for U.S. CREL CDOs

NEW YORK--()--Fitch Ratings has released updated Surveillance Criteria for U.S. CREL CDOs.

No material changes have been made to the core of the criteria. The data and assumptions section has been updated to include more recent net operating income (NOI) results and forecasts. No rating implications for existing transactions are expected.

The new report replaces 'Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions' dated Nov. 25, 2013. The former criteria also had been used to analyze existing U.S. floating rate commercial mortgage backed securities (CMBS) loan pools, which had up to 50 loans at issuance. These transactions, which were issued prior to 2009, now have three or fewer loans and are analyzed under 'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions,' dated September 2014, available on its website at www.fitchratings.com.

The revised report is available at 'www.fitchratings.com' or by clicking on the link.

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

Applicable Criteria and Related Research:

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

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 2014);

--Rating Criteria for U.S. Commercial Mortgage Servicers (February 2014);

--'Global Rating Criteria for Structured Finance CDOs' (Sep. 2014);

--'Criteria for Interest Rate Stresses in Structured Finance Transactions' (Jan. 2014);

--'Global Structured Finance Rating Criteria' (August 2014).

Applicable Criteria and Related Research: Surveillance Criteria for U.S. CREL CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=811268

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

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

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=772328

Rating Criteria for U.S. Commercial Mortgage Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=735382

Global Rating Criteria for Structured Finance CDOs -- Effective Oct. 3, 2012 to Sept. 12, 2013

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=690203

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

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Contacts

Fitch Ratings
Karen Trebach
Senior Director
+1-212-908-0215
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Mary MacNeill
Managing Director
+1-212-908-0785
or
Stacey McGovern
Director
+1-212-908-0722
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Karen Trebach
Senior Director
+1-212-908-0215
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Mary MacNeill
Managing Director
+1-212-908-0785
or
Stacey McGovern
Director
+1-212-908-0722
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com