Saying all vintages are now susceptible to the severe economic conditions, Fitch Ratings has placed 247 commercial mortgage-backed securities bonds with a balance of $9.3 billion in 22 fixed-rate 2005 transactions on Rating Watch Negative.
It did even though these loans are currently performing better than those recently reviewed from the 2006 through 2008 vintages.
The 2005 transactions have 4.3% of loans in special servicing and 13.1% loans of concern, compared with 7.2% and 18.3% for the 2006 vintage, 7.1% and 25.9% for the 2007 vintage and 9.6% and 23.7% for the 2008 vintage. The Rating Watch Negative placements will be resolved when Fitch performs an in-depth review of the each of the transactions involved.
