In conjunction with this review, the shadow rating
of the A note from Park Square Building loan was downgraded and the shadow ratings
of the A notes from both the Gallery at Harborplace loan and the Amsdell portfolio loan were affirmed, resulting in the these rating changes.
Instead, Fitch provides model-based shadow ratings
for the performing unrated loans.
Fitch provides model-based shadow ratings
on the majority of the performing loans.
Since the effective date in August 2007, approximately 53% of the portfolio has deteriorated in credit quality, which has been reflected by downgrades in either the explicit or shadow ratings
, or the ratings of the bond insurers.
Fitch reviewed the shadow ratings
of the following loans: 405 Park Avenue (2.
Three loans maintain investment-grade shadow ratings
due to stable performance: Beverly Center (9.
9%) all retain their investment-grade shadow ratings
based on their stable performance.
The downgrades reflect the lowering of the shadow ratings
of eight loans in the pool to below investment grade.
Fitch has removed the shadow ratings
of these loans.
Based on their stable performance since issuance the loans maintain investment-grade shadow ratings
In addition, those loans with investment-grade shadow ratings
are no longer considered investment grade.
8% of the transaction continue to maintain their investment grade shadow ratings