Fitch Ratings said it has affirmed the ratings on the majority of tranches in its review of 78 fixed-rate U.S. commercial mortgage-backed securities transactions from 2006-2008.
Out of a total of $230.4 billion in unpaid principal balance from these deals, ratings on $186.1 billion were affirmed and ratings on $44.3 billion were downgraded. It said most of the downgrades were concentrated in the 2007 vintage.