Fitch Ratings said Friday that an outlook change to negative for "defeased" U.S. CMBS looks unlikely despite the use of government debt in defeasance and a recent revision of the sovereign outlook to negative.

The rating agency said it found that over half of the defeased collateral in Fitch-rated U.S. CMBS matures prior to the end of 2013, noting that unless there are material adverse shocks before then, a resolution of the sovereign rating's negative outlook is not expected until late that year. This means much of the collateral is likely to pay off before any potential rating action on the sovereign issue, according to Fitch.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.