Article: Fitch Downgrades 11 Synthetic CRE CDOs on Underlying Portfolio Concentration Risk.

NEW YORK -- Fitch Ratings today has downgraded $1.83 billion from 11 synthetic collateralized debt obligations (CDOs) that reference commercial mortgage-backed securities (CMBS), also referred to as synthetic commercial real estate (CRE) collateralized debt obligations (CDOs). These rating actions reflect Fitch's view on industry and vintage concentration risks outlined in its revised Structured Finance CDO rating criteria released Dec. 16, 2008. These 11 transactions primarily reference static portfolios of either highly rated or mezzanine tranches of CMBS transactions. Credit enhancement to protect senior notes from underlying portfolio losses is derived primarily ...

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