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Fitch Affirms All Classes of 7 World Trade Center

January 23, 2014

CHICAGO --(BUSINESS WIRE)-- Fitch Ratings has affirmed all classes of New York Liberty Development Corporation liberty revenue refunding bonds, series 2012 (7 World Trade Center Project) and 7 WTC Depositor, LLC Trust 2012-WTC as follows: -- $18,475,000 class 1 maturing on Sept. 15, 2028 at 'AAAsf'; Outlook Stable; -- $19,410,000 class 1 maturing on Sept. 15, 2029 at 'AAAsf'; Outlook Stable; -- $20,390,000 class 1 maturing on Sept. 15, 2030 at 'AAAsf'; Outlook Stable; -- $21,425,000 class 1 maturing on Sept. 15, 2031 at 'AAAsf'; Outlook Stable; -- $22,510,000 class 1 maturing on Sept. 15, 2032 at 'AAAsf'; Outlook Stable; -- $73,670,000 class 1 maturing on Sept. 15, 2035 at 'AAAsf'; Outlook Stable; -- $137,220,000 class 1 maturing on Sept. 15, 2040 at 'AAAsf'; Outlook Stable; -- $108,000,000 class 2 at 'Asf'; Outlook Stable; -- $29,190,000 class 3 at 'BBBsf'; Outlook Stable; -- $97,123,889 class A at 'BBB-sf'; Outlook Stable; -- $10,515,000 class B at 'BB+sf'; Outlook Stable. KEY RATING DRIVERS The affirmations and Stable Outlooks are the result of stable collateral performance. As of the nine months ending Sept. 30, 2013 , the servicer-reported net cash flow DSCR was 1.28x compared to 1.23x underwritten at issuance. RATING SENSITIVITIES All classes maintain Stable Outlooks. No rating actions are expected unless there are material changes in property occupancy or cash flow. The property performance is consistent with issuance. The transaction represents a securitization of the beneficial leasehold mortgage interest in 7 World Trade Center , a 52-story, class A office building, totaling approximately 1.7 million square feet and located on the north end of the World Trade Center site in the Downtown submarket of New York City . Proceeds of the loans were used to refinance the prior liberty bonds, pay closing costs, and return preferred equity investment to the sponsor. The bonds and the CMBS certificates follow a sequential pay structure. The total loan includes $575.3 million of liberty bonds and a CMBS loan secured by a mortgage backed by two cross-defaulted loans on 7 WTC. The senior loan is a $450.3 million tax-exempt liberty bond financing designated loan and the junior loan is a $125 million CMBS loan. The liberty bonds loan and the CMBS loan are administered pursuant to a traditional CMBS servicing agreement. The liberty bonds loan has a priority in payment over the CMBS certificates. Both loans are to be cross-defaulted. The liberty bonds and CMBS certificates are scheduled to amortize fully by their respective maturity dates following an initial interest-only period. The CMBS bonds are interest-only for the first year followed by a six-year full amortization. The liberty bonds are interest-only for 16 years followed by full amortization by 2044. Additional information is available at ' '. Applicable Criteria and Related Research : --'Global Structured Finance Rating Criteria' ( May 2013 ); --'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' ( Sept. 2013 ). Applicable Criteria and Related Research : Global Structured Finance Rating Criteria Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions Additional Disclosure Solicitation Status ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' WWW.FITCHRATINGS.COM '. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Ratings Primary Analyst R. Brook Sutherland , +1-312-606-2346 Director Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 or Chairperson Mary MacNeill , +1-212-908-0785 Managing Director or Media Relations Sandro Scenga , New York , +1-212-908-0278 Source: Fitch Ratings

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