OREANDA-NEWS. Fitch Ratings has released an updated criteria report for analyzing new U. S. and Canadian multiborrower CMBS transactions.

The core of Fitch's CMBS multiborrower criteria for rating new transactions has not changed. As a result, there are no rating implications for existing or new transactions. The criteria have been updated to reflect the removal of the direct model impact for servicer ratings. While no longer impacting its loss analysis, each transaction's master and special servicer continue to be evaluated by operational risk representatives from Fitch's CMBS team. Further, the ranges for Fitch capitalization rates and refinance constants have been expanded to include all primary CMBS property types.