...This report summarizes Fitch Ratings' criteria for surveillance of existing U.S., Canadian and GSE multifamily CMBS fixed-rate multiborrower transactions. The report describes how Fitch assesses the risk profile of individual loan and property characteristics, as well as the structure of the overall pool and how it relates to rating actions. The surveillance approach described in this report differs from Fitch's criteria used to analyze multiborrower CMBS transactions backed by newly originated loans. The transactions covered by this criteria report contain both performing and nonperforming loans, unlike newly issued fixed-rate multiborrower transactions where all loans are performing and have little, if any, seasoning. If there are no material changes to loan or pool metrics, including delinquencies, variances in reported cash flow or occupancies for larger loans in the pool, in the first one to two years of issuance, the original analysis would be considered sufficient for surveillance...
