...This report summarizes Fitch Ratings' criteria for surveillance of existing U.S. commercial real estate loan (CREL) collateralized debt obligations (CDOs). The criteria have been designed for pools with an underperforming or nonperforming element. This report replaces "Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions," dated November 2013. The former criteria report also had been used to analyze existing U.S. floating-rate commercial mortgage backed securities (CMBS) loan pools, which had up to 50 loans at issuance. These transactions, which were issued prior to 2009, now have three or fewer loans and are analyzed under "Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions," dated September 2014, available on Fitch's website at www.fitchratings.com. This criteria report may be used for floating-rate large loan transactions issued after 2009, if loans begin to perform below expectations....
