Fitch Downgrades Distressed Classes in 9 U.S. CMBS Transactions

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has downgraded 25 already distressed classes in nine U.S. commercial mortgage-backed securities (CMBS) transactions. The 25 classes have been downgraded to 'D', as the bonds have incurred a principal write-down. The bonds were all previously rated 'CC' or 'C', which indicates that losses were probable.

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. 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the last rated tranches of a transaction are in default and rated 'D', the defaulted ratings will be automatically withdrawn within 11 months of the date of the previous rating action.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 Distressed Classes in 9 U.S. CMBS Transactions', or by clicking on the link above.

RATING SENSITIVITIESWhile the bonds that have defaulted are not expected to recover any material amount of lost principal in the future, there is a limited possibility this may happen. In this unlikely scenario, Fitch would further review the affected classes.

DUE DILIGENCE USAGENo third party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at 'www.fitchratings.com'.Fitch Downgrades Distressed Classes in 9 U.S. CMBS Transactionshttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=885227

Applicable CriteriaGlobal Structured Finance Rating Criteria (pub. 27 Jun 2016)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=883130U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional DisclosuresDodd-Frank Rating Information Disclosure Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1009017Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009017Endorsement Policyhttps://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160715005792/en/

Fitch Ratings
Primary Analyst
Christopher Bushart
Senior Director
+1-212-908-0606
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Committee Chairperson
Britt Johnson
Senior Director
+1-312-606-2341
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
[email protected]

Source: Fitch Ratings

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• PetMed Express, Inc. Confirms Receipt of Unsolicited, Non-Binding, and Conditional Acquisition Proposal from SilverCape Investments Limited
• Q/C Technologies Relocates Headquarters to San Francisco in Proximity to World-Class Engineering Experts for Photonic Computing and Optical AI Inference Initiative
• Significant Milestone for Silicom - First AI Inference-Related Production Order