OREANDA-NEWS. Fitch Ratings has downgraded 25 already distressed classes in nine U. S. commercial mortgage-backed securities (CMBS) transactions. The 25 classes have been downgraded to 'D', as the bonds have incurred a principal write-down. The bonds were all previously rated 'CC' or 'C', which indicates that losses were probable.

KEY RATING DRIVERS

Today's downgrades are limited to just the bonds with write-downs. Any remaining bonds in these transactions have not been analyzed as part of this review. In cases where the last rated tranches of a transaction are in default and rated 'D', the defaulted ratings will be automatically withdrawn within 11 months of the date of the previous rating action.

A spreadsheet detailing Fitch's rating actions on the affected transactions is available at 'www. fitchratings. com' by performing a title search for: 'Fitch Downgrades Distressed Classes in 9 U. S. CMBS Transactions', or by clicking on the link above.

RATING SENSITIVITIES

While the bonds that have defaulted are not expected to recover any material amount of lost principal in the future, there is a limited possibility this may happen. In this unlikely scenario, Fitch would further review the affected classes.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.