TEXT-Fitch ups DECO Series 2005 - Pan Europe 1 class G notes

(The following statement was released by the rating agency)

July 31 - Fitch Ratings has upgraded DECO Series 2005 - Pan Europe 1 plc's (PE1) class G commercial mortgage-backed notes, as follows:

EUR2.2m class G due July 2014 (XS0227116950) upgraded to 'Asf' from 'BBsf'; Outlook Stable

EUR4.9m class H due July 2014 (XS0227117503):'Bsf'; Rating Watch Evolving (RWE)

The rating actions have been driven by the full repayment of the Deutsche Post and Gewerberpark loans and the partial repayment of the AWOBAG loan. With respect to the outstanding AWOBAG loan (EUR9.5m), the servicer has confirmed that it has notarised a sale of the remaining Kiel portfolio collateral for EUR13m. While the sales proceeds should be sufficient to fully repay the loan in full, uncertainty surrounding issuer level costs at the October 2012 interest payment date, by when payments are expected, is reflected by placing the class H notes on RWE.