Classes M, N, and O of Cobalt CMBS Commercial Trust commercial mortgage pass-through certificates series 2006-C1 have been placed on Rating Watch Negative by Fitch Ratings. The rating actions were attributed to the transfer of the eighth-largest loan (which is shadow-rated by Fitch) to special servicing. The loan, the Fortress/Ryan's portfolio, is collateralized by 130 restaurant properties in 22 states, Fitch said. The loan is current, but was transferred to special servicing when the master lessee and lease guarantor filed for bankruptcy, the rating agency reported. The borrower and the special servicer are reviewing workout options. The rating agency can be found on the Web at http://www.fitchratings.com.
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