Link to Fitch Ratings' Report: Originators Matter IV (Loan Structure Stable but Metrics Deteriorate)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=876020

Loan structure remains strong overall for U.S. CMBS though certain Fitch metrics deteriorate, according to Fitch Ratings in the latest report in its CMBS 'Originators Matter' series. The report includes a link to originator statistics including metrics and structure data.

Loan structure and Fitch metrics were analyzed for 1,569 conduit loans originated for securitization in Fitch-rated deals during the first three quarters of last year. When compared to the end of 2014, many loan structures remain consistent but two key Fitch metrics, haircuts and asset volatility scores, deteriorated. Also discussed is the decline in the percentage of loans with hard lockboxes.

Fitch's analysis now includes loans made by 34 CMBS conduit originators, a sizeable jump from its inaugural 'Originators Matter' report from early last year that compared 19 active originators.

'Originators Matter IV - Loan Structure Stable but Metrics Deteriorate' is available at 'www.fitchratings.com' or by clicking on the above link.

Additional information is available at 'www.fitchratings.com'.

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