TEXT-Fitch cuts 1 class of MS 1998-WF2
April 18 - Fitch Ratings has downgraded one class and affirmed the remaining seven classes of Morgan Stanley Capital I Trust's commercial mortgage pass-through certificates, series 1998-WF2. A detailed list of the ratings follows at the end of this press release. The downgrade reflects a slight increase in Fitch expected losses. The affirmations reflect the mostly stable performance since the last review. As of the April 2012 distribution date, the pool's certificate balance has been reduced by 90% (including 0.70% in realized losses) to $106 million from $1.1 billion at issuance. One loan (8.5%) has been defeased. There is currently one specially serviced loan (1.7%) in the pool. Interest shortfalls are affecting classes M and N. The specially serviced loan (1.7%) is secured by a 47,550 square foot (sf) retail center located in Indianapolis, IN. The loan transferred to special servicing in June 2010 due to a payment default and became real estate owned (REO) in December 2011. The special servicer is focusing on leasing and repairs prior to listing the property for sale. Fitch downgrades the following class as indicated: --$5.3 million class M to 'Csf' from 'CCCsf'; RE 95%. Fitch affirms the following classes as indicated: --$12.4 million class E at 'AAAsf''; Outlook Stable; --$21.2 million class F at 'AAAsf'; Outlook Stable; --$23.9 million class G at 'AAAsf'; Outlook Stable; --$10.6 million class H at 'AAsf'; Outlook Stable; --$8 million class J at 'Asf'; Outlook Stable; --$8 million class K at 'BB+sf'; Outlook Stable; --$15.9 million class L at 'B-sf'; Outlook Negative. Classes A-1, A-2 and B through D have paid in full. Fitch does not rate class N. The rating on class X has previously been withdrawn. Additional information on Fitch's criteria for analyzing fixed rate U.S. CMBS is available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com' under the following headers: Structured Finance >> CMBS >> Criteria Reports Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable Criteria and Related Research: --'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' dated Dec. 21, 2011; --'Global Structured Finance Rating Criteria' dated Aug. 4, 2011. Applicable Criteria and Related Research: Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions Global Structured Finance Rating Criteria
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