Class O of COMM 2006-C8 Mortgage Trust commercial mortgage pass-through certificates has been placed on Rating Watch Negative by Fitch Ratings. The rating action was attributed to the transfer of the 12th-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.
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