Fitch Eyes Gramercy CDO Class

Published July 18, 2008, 1:00 p.m. EDT

1 Min Read

Class J of Gramercy Real Estate CDO 2007-1 Ltd./LLC has been placed on Rating Watch Negative by Fitch Ratings. Fitch also affirmed the ratings on 14 other classes of notes in the collateralized debt obligation. The negative rating action stemmed from the cross-defaulted Sheraton Hotel Miami and Sheraton Hotel Orlando loans, which are now 60 days delinquent and whose borrowers have filed for bankruptcy, the rating agency said. The deal is a revolving commercial real estate cash-flow CDO.

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