Fitch Ratings is issuing an alarm call to investors over declining underwriting standards in commercial mortgage-backed securities deals, with a particular emphasis on large single-borrower or single-asset deals. The agency’s target has shifted since it called out slipping underwriting standards at the collateral level in large loan CMBS deals last year (REFI 04/13). “Absolute debt is now where we feel extra vigilance is needed for large loan CMBS, and for lower-rated tranches in some of these recent transactions there is just too much of it,” said Huxley....

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