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Fitch Downgrades 32 Bonds in 20 U.S. CMBS Transactions

NEW YORK, Nov 12, 2010 (BUSINESS WIRE) -- Fitch Ratings has downgraded 32 bonds in 20 commercial mortgage-backed securities (CMBS) transactions to 'D' indicating that the bonds have incurred a principal write-down. The bonds being downgraded to 'D' as part of this review were all previously rated 'B-', 'CC' or 'C' indicating that a default was expected. Today's action is limited to just the bonds with write-downs. The remaining bonds in these transactions have not been analyzed as part of this review.

Fitch downgrades bonds to 'D' as part of the ongoing surveillance process and will continue to monitor these transactions for additional defaults.

A spreadsheet detailing Fitch's rating actions on the affected transactions is available on Fitch's website at 'www.fitchratings.com' by performing a title search for: 'Fitch Downgrades 32 bonds in 20` U.S. CMBS Transactions'.

The spreadsheet also details Fitch's Recovery Ratings assigned to the transactions. The Recovery Rating scale is based upon the expected relative recovery characteristics of an obligation. For structured finance, Recovery Ratings are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research: --'Global Structured Finance Rating Criteria' (Aug. 13, 2010); --'Special-Purpose Vehicles in Structured Finance Transactions' (Sept. 17, 2009); --'Surveillance Methodology for Recent Vintage U.S. CMBS' (July 7, 2009); --'U.S. CMBS Surveillance Criteria' (Oct. 7, 2008); --'Rating Criteria for Fitch's U.S. CMBS Multiborrower Rating Model' (Jan. 4, 2008).

Applicable Criteria and Related Research: Fitch Downgrades 32 Bonds in 20 U.S.

CMBS Transactions http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=575625 Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326 Special-Purpose Vehicles in Structured Finance Transactions http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=466618 Surveillance Methodology for Recent Vintage U.S. CMBS http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=457782 U.S. CMBS Surveillance Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=408326 Rating Criteria for Fitch's U.S. CMBS Multiborrower Rating Model http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=367170 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.

PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

SOURCE: Fitch Ratings CONTACT: Fitch, Inc. Primary Analyst: Adam Fox, +1-212-908-0869 Senior Director One State Street Plaza New York, NY 10004 or Committee Chairperson: Britt Johnson, +1-312-606-2341 Senior Director or Media Relations Sandro Scenga, +1-212-908-0278 sandro.scenga@fitchratings.com Copyright Business Wire 2010 -0- KEYWORD: United States

North America

New York INDUSTRY KEYWORD: Professional Services

Banking

Finance SUBJECT CODE: Bond/Stock Rating