Fitch Ratings said today that bonds backed by rental income from the Seagram Building do not merit the 'AAA' rating asssigned by rivals Kroll Bond Ratings Agency and Moody's Investors Service.

Fitch's beef is that Citigroup and Deutsche Bank, the co-originators of the mortgage on the iconic property, underwrote it using pro forma income. Fitch was invited to pitch for the business but was shut out of the deal after providing preliminary feedback that the top-rated tranche merited no more than an 'A' rating.  

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.