State of U.S CMBS Ratings: Moving Toward Stability - Special Report - 2009/11/02 - Fitch Research

Report title: State of U.S CMBS Ratings: Moving Toward Stability

from Fitch Research
7 page (3619 word) report published Nov 02, 2009

Price $275.00 available for immediate download

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...Fitch expects that real estate fundamentals will continue to deteriorate over the next 1824 months, even as a recovery begins in the broader economy. Fitch Ratings is conducting an ongoing portfolio review incorporating its prospective views and taking rating actions based on this anticipated declining performance. Fitch's third-quarter surveillance activity focused heavily on reviewing recent vintage transactions. This included an in-depth review of 78 fixed-rate multiborrower deals from the 20062008 vintages, which represent 49% of the total $466.5 billion of commercial mortgage-backed securities (470 deals) that Fitch rates. The portfolio review resulted in the affirmations of 80% of the certificates by balance totaling $186.1 billion, and the downgrades of $44.3 billion of certificates at an average of two rating categories per action. Across the Fitch universe of U.S. CMBS bonds, 90% remains investment grade, with 70% of the bonds carrying a Stable Rating Outlook. Fitch currently has...

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Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.

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