OREANDA-NEWS. Fitch Ratings has upgraded eight classes in seven legacy U.S. CMBS transactions to 'AAAsf'.

KEY RATING DRIVERS
The upgrades are due to the classes being fully covered by defeasance and not likely to incur interest shortfalls. Today's upgrades are limited to bonds that have been identified to have strong credit enhancement as a result of defeasance. In addition, the upgraded classes are in senior positions within each respective deal and will be the first class to receive paydown from incoming principal. A spreadsheet detailing Fitch's rating actions is available at 'www.fitchratings.com' by performing a title search for: 'Fitch Upgrades 8 Classes in 7 U.S. CMBS Transactions Based on Significant Defeasance'.

RATING SENSITIVITIES
The ratings are expected to remain stable, and no actions are expected over the short term. Given the classes are fully covered by defeased collateral, the ratings are correlated to Fitch's rating of the United States of America's sovereign debt, currently rated 'AAA'/Outlook Stable. A future rating action on the United States' rating will directly impact these classes. Please see the report titled 'Fitch Affirms United States at 'AAA'; Outlook Stable', dated April 13, 2015 for more information at www.fitchratings.com.

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