OREANDA-NEWS. November 03, 2015. Fitch Ratings has downgraded Windermere XI CMBS plc's class B notes, affirmed the class C and D notes and withdrawn the ratings, as follows:

GBP0m Class B: downgraded to 'Dsf'; RE0% from 'CCsf'; RE40%; rating withdrawn
GBP0m Class C: affirmed at 'Dsf'; RE0%; rating withdrawn
GBP0m Class D: affirmed at 'Dsf'; RE0%; rating withdrawn

Windermere XI was a securitisation with one remaining loan backed by three commercial real estate assets located across the UK.

KEY RATING DRIVERS
The downgrade of the class B notes reflects the final recovery determination of the Government Income Portfolio loan at the July 2015 interest payment date following the sale of the last two properties.

Since Fitch's last rating action, the sale of the last three properties for an aggregate amount of EUR15.3m resulted in a partial repayment of GBP15.1m to the class B notes. As a result, the outstanding balance of the class B and C notes has now been fully written-off.

Fitch is withdrawing the ratings of Windermere XI CMBS plc's as the issuer has defaulted. Accordingly, Fitch will no longer provide ratings or analytical coverage for Windermere XI CMBS plc.

RATING SENSITIVITIES
Not applicable.

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

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
The information below was used in the analysis.
- Transaction reporting provided by HPI as at the July 2015 interest payment date.