OREANDA-NEWS. Fitch Ratings has taken various rating actions on already distressed U.S. commercial mortgage-backed securities (CMBS) bonds. Fitch downgraded 12 bonds in six transactions to 'D', as the bonds have incurred a principal write-down. The bonds were previously rated 'CC' or 'C', which indicates that a default was probable.

Fitch also withdraws the ratings on 12 classes in four deals as a result of realized losses. The trust balances have been reduced to \$0 or have experienced non-recoverable realized losses.

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the last rated tranches of a transaction are in default and rated 'D', the defaulted ratings will be automatically withdrawn within 11 months of the date of the previous rating action.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 or Withdraws Ratings on Distressed Classes in 10 U.S. CMBS Transactions', or by clicking on the link above.