Fitch Releases Updated Criteria for Analyzing Large Loans in U.S. CMBS; No Rating Impact

CHICAGO--()--Fitch Ratings has released an updated criteria report for analyzing large loans in U.S. CMBS transactions.

There have been no material changes to Fitch's U.S. CMBS criteria for rating large loans. Therefore, there are no rating implications for existing or new transactions. As part of the update, Fitch is providing increased detail on ratings specific debt service coverage ratio (DSCR) and loan to value (LTV) hurdles.

The new report replaces Fitch's Sept. 19, 2014 criteria.

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:

--'Global Structured Finance Rating Criteria', (August 2014);

--'Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions', (November 2013);

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

--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions', (June 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', (December 2014);

--'Managing and Developing Criteria and Models (January 2015)

--Counterparty Criteria for Structured Finance and Covered Bonds', (May 2014);

--'Criteria for Rating Caps and Limitations in Global Structured Finance Transactions' (May 2014);

--'Terrorism Insurance and U.S. CMBS', (December 2009);

--'Environmental Site Assessments and Environmental Insurance in U.S. CMBS Transactions', (December 2009);

--'Addressing Extreme Events', (July 2011).

Applicable Criteria and Related Research: Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862818

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
Jeff Watzke
Senior Director
+1 312-606-2358
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Lauren Cerda
Senior Director
+1 312-606-2317
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Jeff Watzke
Senior Director
+1 312-606-2358
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Lauren Cerda
Senior Director
+1 312-606-2317
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com