...This report summarizes Fitch Ratings' criteria for surveillance of legacy U.S. commercial real estate loan (CREL) collateralized debt obligations (CDOs). The legacy CREL CDOs were issued between 2004 and 2007. At the time the underlying loans were originated, most of the properties securing the loans were in a state of transition. As such, the loans were generally short-term, floating-rate loans, with original fully extended maturity dates of five or six years. Given the short asset tenor, CREL CDOs typically allowed for replenishment of collateral over a five-year reinvestment period. As of today, no Fitch-rated CREL CDO remains in its reinvestment period. The remaining assets are generally underperforming or non-performing....
