News Column

Fitch Upgrades 1 Class of CSFB 1999-C1

June 26, 2014

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has upgraded one class and affirmed three classes of Credit Suisse First Boston Mortgage Securities Corp. (CSFB) commercial mortgage pass-through certificates series 1999-C1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade of class G is the result of increasing credit enhancement despite increasing concentration. Although the defeased collateral is sufficient to payoff the class, interest shortfalls to the class are possible prior the defeased loans maturity dates of 2019.

Of the original 153 loans, five remain. One loan (22.5%) is in special servicing and the two largest loans (76.2%) are defeased. The two remaining loans (1.4%) have maturity dates in August and September 2014. Since Fitch's last rating action, the former largest loan in the pool, the Tallahassee Mall, was disposed for a 118.37% loss severity and resulted in losses to classes H through J, currently rated 'Dsf'.

As of the June 2014 distribution date, the pool's aggregate principal balance has been reduced by 97.2% to $32.4 million from $1.17 billion at issuance. There has been $82.3 million (7% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting classes H through O.

The specially-serviced loan (22.5%) is secured by a 129,293 square foot office building located in Parsippany, NJ. The loan transferred to the special servicer in June 2013 due to imminent default, primarily the result of vacancy issues. The property's largest tenant (52% of GLA) subsequently vacated in December 2013. There is a receiver in place and counsel for the special servicer is moving forward with foreclosure.

RATING SENSITIVITY

The Rating Outlook on class G is Stable. While credit enhancement is high and paydown is expected to continue, given the significant concentration and potential for expected losses or interest shortfalls to increase, additional upgrades are not expected.

Fitch upgrades the following class and assigns the Rating Outlook as indicated:

--$23.9 million class G to 'BBBsf' from 'CCCsf', Outlook to Stable.

Fitch affirms the following classes and revises REs as indicated:

--$8.5 million class H at 'Dsf', RE 40%.

Zero balance classes J and K are affirmed at 'Dsf', RE 0% due to already incurred realized losses. The class A-1, A-2, B, C, D, E and F certificates have paid in full. Fitch does not rate the class L, M and O certificates. Fitch previously withdrew the rating on the interest-only class A-X certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=836790

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

Daniel Anderson

Associate Director

+1-312-606-2305

Fitch Ratings, Inc.

70 West Madison Street

Chicago, IL 60602

or

Committee Chairperson

Mary MacNeill

Managing Director

+1-212-908-0785

or

Media Relations

Sandro Scenga, New York, +1-212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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