Fitch Questions Seagram Building Loan's AAA Rating

Law360, New York (May 15, 2013, 8:33 PM EDT) -- Fitch Ratings Inc. expressed concern Monday about the AAA rating that other ratings agencies gave a commercial mortgage-backed securities loan used to finance the iconic Seagram Building in Manhattan, saying the building's estimated income had been inflated and could be at risk for default.

The CMBS package is backed by a single piece of a $782.8 million first mortgage on the Seagram Building at 375 Park Ave. and it references a significant amount of pro forma income based on projected figures, which Fitch has vocally opposed...
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