NEW YORK--(BUSINESS WIRE)--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
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
Rating Criteria for U.S. Commercial Mortgage Servicers
Global Rating Criteria for Structured Finance CDOs -- Effective Oct. 3, 2012 to Sept. 12, 2013
Global Structured Finance Rating Criteria