Fitch Ratings has affirmed DDR I Depositor Trust 2009 commercial mortgage pass-through certificates series 2009-DDR1 as follows: -- $294.4 million class A at 'AAAsf'; Outlook Stable; -- $41.5 million class B at 'AAsf'; Outlook Stable; -- $35 million class C at 'Asf'; Outlook Stable. KEY RATING DRIVERS The affirmations are a result of stable portfolio performance since issuance. The pool benefits from increased credit enhancement due to amortization as well as the defeasance of the largest property in the pool. The loan balance has amortized down 7.27 percent to $370.9 million from $400 million at issuance. Portfolio-wide occupancy has increased to 94.7 percent as of October 2013 compared with 91.8 percent at issuance. The servicer's reported annualized net operating income (NOI) as of September 2013 was $62.7 million compared with $57.2 million at issuance. The largest property in the pool, Town Center Plaza , representing 13.6 percent of the original pool balance was defeased in October 2011 . Fitch analyzed the most recent financial statements and rent rolls provided by the servicer. The financial statements were from Sept. 30 , and the rent rolls were dated as of Oct. 29 . Approximately 3.9 percent of the leases in the portfolio expire in 2013 with substantial rollover risk occurring in 2014 when 16.5 percent of leases expire, concurrent with the loan's maturity. An additional 13.4 percent of leases expire in 2015. Leases expiring in 2014 include 19 anchor tenants greater than 20,000 square feet (sf). The top five tenants representing 25 percent of total square footage are Wal-Mart , Lowes, Home Depot , Ross Dress For Less and Michael's. The properties are located across 19 states with the highest exposure in North and South Carolina (23.2 percent of the pool). The DDR 2009-1 certificates represent the beneficial interests in a single non-recourse mortgage loan secured by cross-collateralized and cross-defaulted first-lien mortgages or deeds of trust on fee and leasehold interests in 28 retail properties. Interest is fixed over five years at a weighted average coupon of 4.225 percent and the loan amortizes on a 30-year schedule. The loan's maturity is October 2014 . RATING SENSITIVITY Ratings are expected remain stable due to sufficient credit enhancement and continued paydown. The pool has maintained performance consistent with issuance. Additional information on Fitch's criteria for analyzing Large Loans in U.S. Commercial Mortgage transactions is available in the Sept. 20 , report, 'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions ', which is available at 'fitchratings.com ' under the following headers: Structured Finance >> CMBS >> Criteria Reports Additional information is available at 'fitchratings.com '. Applicable Criteria and Related Research : --'Global Structured Finance Rating Criteria' (May 24,); --'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 20,). Applicable Criteria and Related Research : Global Structured Finance Rating Criteria http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=708661 Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=718468 Additional Disclosure Solicitation Status http://fitchratings.com/gws/en/disclosure/ solicitation?pr_id=811430 ((Comments on this story may be sent to firstname.lastname@example.org ))
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