GLOBAL MARKETS-Dollar, bond yields up on strong U.S. data; Wall St dips
* Graphic: World FX rates in 2017 http://tmsnrt.rs/2egbfVh (Updates to late afternoon, adds commentary)
Dec 5 - Fitch Ratings has affirmed 10 classes of LB-UBS Commercial Mortgage Trust, series 2002-C4, commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release. Fitch modeled losses of 9.8% of the remaining pool; expected losses on the original pool balance total 2.7%, including losses already incurred. The pool has experienced $31.6 million (2.2% of the original pool balance) in realized losses to date. There are 13 loans left in the pool, seven (35%) of which are specially serviced and considered Fitch Loans of Concern. As of the November 2012 distribution date, the pool's aggregate principal balance has been reduced by 94.8% to $75.1 million from $1.5 billion at issuance. Interest shortfalls are currently affecting classes M, N, P, and U. The largest loan in the pool is a pari passu portion of an A note securitized by the fee/condominium interest comprising 556,370 square feet of office, 4,555 square feet of storage, and approximately six parking spaces at 1166 Avenue of the Americas, a 44-story New York City office building containing approximately 1.56 million square feet (53.5% of the pool). The remaining portion of the building is owned and leased by Marsh & McLennan and used as their headquarters. The most recent year-end 2011 DSCR is reported at 2.84x for the A note portion. The largest contributor to expected losses is a 496 unit multi-family building (8.1% of the pool) located in Memphis, TN. The loan transferred to the special servicer in April 2011 due to delinquent payments. The property is real estate owned (REO) and the special servicer is making improvements to the property in order to increase occupancy. The next largest contributor to expected losses is the specially-serviced 28,092 square foot (sf) retail property located in Orem, UT (3% of the pool). The loan transferred to the special servicer in August 2011 due to imminent default. Counsel has been engaged to enforce remedies. Fitch affirms the following classes: --$1.2 million class G at 'AAAsf'; Outlook Stable; --$12.7 million class H at 'AAAsf'; Outlook Stable; --$12.7 million class J at 'AAsf'; Outlook Stable; --$12.7 million class K at 'Asf'; Outlook Stable; --$20 million class L at 'BBB-'; Outlook Negative; --$7.3 million class M at 'Bsf'; Outlook Negative; --$7.3 million class N at 'Csf'; RE 30%. The Negative Outlooks on the lower rated classes are due to the concentrated nature of the pool and the smaller class sizes of the lower tranches. Classes Q, S, and T have been reduced to zero due to realized losses and are affirmed at 'Dsf/RE0%'. Fitch does not rate the $1.1 million class P and the $0 million class U. The class A through F notes have paid in full. Fitch previously withdrew the rating on the interest-only class X certificates. Additional information on Fitch's criteria for analyzing U.S. CMBS transactions 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: --'Global Structured Finance Rating Criteria' (June 6, 2012); --'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
DAVOS, Jan 19 Top bankers are confident that British Prime Minister Theresa May's government will support a transition period of several years for the financial sector to cope with Britain's exit from the European Union.
NEW YORK, Jan 19 The U.S. bond market's gauges on investors' inflation outlook advanced to their strongest levels in more than two years following strong investor demand at a $13 billion auction of 10-year Treasury Inflation Protected Securities (TIPS).