...This report details Fitch Ratings criteria for analyzing multiborrower pools of commercial real estate (CRE) loans within U.S. CMBS transactions. These criteria are applicable to fixed-rate conduit and fusion transactions generally with 30 or more loans. Conduits are usually composed of newly originated, moderately levered loans backed by unrelated borrowers, while fusion transactions generally consist of conduit loans, combined with one or more investment-grade credit opinion loans (typically larger-balance loans greater than $20.0 million with lower leverage profiles, good structure and strong sponsorship, and secured by high-quality assets located in primary markets). These criteria are applicable when assigning a rating for the first time. For more information about Fitchs monitoring of existing ratings, see Fitchs "U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria," (dated December 2013 and available on its website at www.fitchratings.com)....
