Conduit CMBS transactions issued between 1995 and 1999 with sequential pay structures are the most likely to receive positive perspectives and future upgrades, Fitch Ratings told investors during a conference call.

In recent weeks, Fitch has upgraded 13 deals, nine of which were conduit transactions issued during that four-year span, said CMBS Director Karen Trebach. Currently, tranches from 90 outstanding deals are on positive review from Fitch. "Seasoned conduits have more positive perspectives than any other CMBS product, and we expect upgrades will continue to occur more quickly than on other types of deals," Trebach said.

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