OREANDA-NEWS. Fitch Ratings has affirmed 29 distressed classes in four transactions in U.S. commercial mortgage-backed securities (CMBS). Fitch is considering withdrawing the ratings on these transactions due to the lack of relevancy to the agency's coverage, as well as the limited information received on the transactions' collateral. As reflected in the class ratings of 'Csf' or 'Dsf', realized losses are considered inevitable or have already been incurred.

While Fitch believes investors are no longer interested in the agency's coverage the transactions currently being affirmed, the agency will allow investors the opportunity to request continuing coverage. Investors are encouraged to contact the analysts indicated at the bottom of this press release within 30 calendar days. At the end of that period, Fitch will evaluate any responses and make a final determination with respect to the withdrawal.

In addition, Fitch has withdrawn five classes in one CMBS transaction currently rated 'Dsf'.

KEY RATING DRIVERS

Today's affirmations are on transactions with only 'Csf' and 'Dsf' remaining. Classes affirmed at 'Dsf' are the result of previously incurred realized losses. Classes affirmed at 'Csf' are the result of losses continued to be considered inevitable. The ratings withdrawals are the result of the remaining bonds in the transaction being rated 'Dsf' for 11 months.

RATING SENSITIVITIES

Classes rated 'Csf' will be downgraded to 'Dsf' when losses are incurred. In cases where the last rated tranches of a transaction are in default and rated 'Dsf', the defaulted ratings will be automatically withdrawn within 11 months of the date of the previous rating action.