Fitch Downgrades or Withdraws Distressed Classes in 20 CMBS Transactions

NEW YORK--()--Link to Fitch Ratings' Report: Fitch Downgrades, or Withdraws Distressed Classes in 20 Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=775108

Fitch Ratings has taken various rating actions on already distressed bonds. Fitch downgraded 21 bonds in 18 U.S. commercial mortgage-backed securities (CMBS) transactions to 'D', as the bonds have incurred a principal write-down. The bonds were all previously rated 'C' which indicates that Fitch expected an imminent default.

Fitch also withdraws five bonds in two transactions where the remaining classes have been reduced to zero due to paydown and/or realized losses. All five bonds were rated 'Dsf'.

Key Rating Drivers

Today's downgrades are limited to just the bonds with write-downs. Remaining bonds in these transactions have not been analyzed as part of this review. In cases where the last rated tranches of a transaction are in default and rated 'D', the defaulted ratings will be automatically withdrawn within 11 months of the date of the previous rating action.

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 20 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 20, 2014);

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

Applicable Criteria and Related Research:

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

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

Global Structured Finance Rating Criteria

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=870454

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Contacts

Fitch Ratings
Primary Analyst
Chris Bushart
Senior Director
+1 212-908-0606
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1 212-908-0785
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Chris Bushart
Senior Director
+1 212-908-0606
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1 212-908-0785
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com