Surveillance Methodology for Recent Vintage U.S. CMBS - Criteria Report - 2009/07/07 - Fitch Research

Report title: Surveillance Methodology for Recent Vintage U.S. CMBS

from Fitch Research
8 page (4530 word) report published Jul 07, 2009

Price $275.00 available for immediate download

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...Fitch Ratings expects U.S. conduit and fusion commercial mortgage-backed securities (CMBS) from the 20062008 vintages to substantially underperform older vintages. Loans in these vintages are vulnerable to significant performance issues, given their origination at peak market conditions and weaker underwriting standards. Fitch is reviewing recent vintage fixed-rate transactions to determine the impact on existing ratings of current and expected economic conditions, and actual and expected property and loan performance. This report details the methodology Fitch is employing to forecast losses and explains the rating actions that will be taken on these transactions. Fitch expects continued macroeconomic deterioration will result in further declines in loan performance, although the full implications will not be witnessed immediately. The use of prospective and more severe estimates of loss as opposed to considering current property and loan performance addresses the implications of expected...

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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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