NEW YORK--()--Fitch Ratings has downgraded 18 bonds in seven commercial real estate collateralized debt obligations (CRE CDOs) transactions to 'D', as the bonds have incurred a principal write-down. The bonds were all previously rated 'C', which indicates that Fitch expected a default. Additionally, Fitch has withdrawn the ratings on one class from one CRE CDO.
Today's action is limited to just the bonds with write-downs. The remaining bonds in these transactions have not been analyzed as part of this review. Fitch has downgraded the bonds to 'D' as part of the ongoing surveillance process and will continue to monitor these transactions for additional defaults.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 2, 2012);
--'Global Rating Criteria for Structured Finance CDOs' (Oct. 3, 2012).
Applicable Criteria and Related Research: Fitch Downgrades 18 Bonds in 7 CRE CDO Transactions
Global Structured Finance Rating Criteria
Global Rating Criteria for Structured Finance CDOs