As part of its ongoing review of the CMBS portfolio, Fitch Ratings has placed 238 bonds from 33 different transactions, totaling $9 billion, on ratings watch negative. The status should be resolved over the next 90 days as transactions are evaluated from 2006-2008.

The review is a result of Fitch’s updated surveillance criteria, released on July 7. Fitch expects U.S. conduit and fusion CMBS from the 2006-2008 vintages to substantially underperform older vintages, therefore the forecast of losses required a slight modification in analysis.

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