Eleven classes of G-Force LLC commercial mortgage pass-through certificates, series 2005-RR2, have been downgraded by Fitch Ratings. Fitch also affirmed the ratings on seven other classes in the transaction, which is backed primarily by B-pieces of commercial mortgage-backed securities. "In reviewing CMBS Re-REMICs, Fitch has targeted expected losses in different rating stresses based on the quality of the underlying CMBS collateral," the rating agency said. "The overall expected losses reflect the single-sector exposure, the concentrated nature of these portfolios, and the low expected recoveries upon bond default, especially for more junior and thinner classes of CMBS tranches."
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