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.

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