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TEXT-Fitch upgrades 1 class of Credit Suisse First Boston 2000-C1
June 21 () - Fitch Ratings has upgraded one and affirmed five classes of Credit Suisse First Boston Mortgage Securities Corp., commercial mortgage pass-through certificates, series 2000-C1 (CSFB 2000-C1). A detailed list of rating actions follows at the end of this press release. Fitch modeled losses of 42% of the remaining pool; modeled losses of the original pool are at 4.5%, including losses already incurred to date. The upgrade of class H reflects the increase in credit enhancement to the class resulting from principal paydowns. The affirmation of the other classes reflects sufficient credit enhancement to offset Fitch's modeled losses for the pool. As of the June 2012 distribution date, the pool's certificate balance has been reduced by 95.7% (to $47.8 million from $1.11 billion), of which 93% were due to paydowns and 2.7% were due to realized losses. The pool is concentrated with only 36 loans remaining. Two loans are in special servicing (53%), including the largest in the pool (42.3%). An additional 12 loans (18.5% are Fitch Loans of Concern. Three loans (3.3%) have been defeased. Interest shortfalls totaling $3.1 million are currently affecting classes J through N. The largest contributor to Fitch modeled losses is the largest loan in the pool (42.3%) secured by a 190,908 square foot office complex located in Seattle, WA. The loan transferred to special servicing in February 2010 for imminent default. The property's sole tenant, Amazon.com, vacated the property to move to a new headquarter. The borrower had been marketing the property, but all efforts have failed. The property remains vacant. Recent valuations indicate significant losses upon liquidation. Fitch has upgraded and revised the Rating Outlook on the following class: --$12.5 million class H to 'Bsf' from 'B-sf'; Outlook to Stable from Negative. Additionally, Fitch affirms the following classes as indicated: --$10.8 million class G at 'AAsf'; Outlook Stable; --$9.8 million class J at 'CCsf'; RE 45%; --$11.1 million class K at 'Csf'; RE 0%; --$3.6 million class L at 'Dsf'; RE 0%; --$0 million class M at 'Dsf'; RE 0%. Classes A-1, A-2, B, C, D, E, and F have paid in full. Fitch does not rate class N. Fitch had previously withdrawn the rating on the interest-only class A-X. (For additional information on the withdrawal of the rating on the interest-only class, see 'Fitch Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities', dated June 23, 2010.) 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: --'Global Structured Finance Rating Criteria' (Aug. 4, 2011); --'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011). Applicable Criteria and Related Research: Global Structured Finance Rating Criteria Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
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