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Fitch Affirms Credit Suisse First Boston Mortgage Securites Corp., CSMC 2010-RR7

18.05.12

CHICAGO, Apr 25, 2012 (BUSINESS WIRE) -- Fitch Ratings affirms Credit Suisse First Boston Mortgage Securities Corp., (CSMC) series 2010-RR7 as follows:

--$39,875,000* class 1-A at 'AAAsf '; Outlook Stable;

--$31,895,000** class 1-A-A at 'AAAsf '; Outlook Stable;

--$7,980,000** class 1-A-B at 'AAAsf '; Outlook Stable;

--$7,980,000** class 1-B-A at 'AAAsf '; Outlook Stable;

--$49,735,000* class 2-A at 'AAAsf '; Outlook Stable;

--$39,785,000** class 2-A-A at 'AAAsf '; Outlook Stable;

--$9,950,000** class 2-A-B at 'AAAsf '; Outlook Stable;

--$19,630,000* class 2-B at 'AAAsf '; Outlook Stable;

--$9,945,000** class 2-B-A at 'AAAsf '; Outlook Stable;

--$9,685,000** class 2-B-B at 'AAAsf '; Outlook Stable;

--$69,365,000* class 2-A-3 at 'AAAsf'; Outlook Stable.

Source: MarketWatch (press release)

TEXT-Fitch cuts 4 distressed classes of BSCMSI 2005-PWR8

18.05.12

April 27 - Fitch Ratings has downgraded four classes and affirmed 14 classes of Bear Stearns Commercial Mortgage Securities Trust (BSCMSI) commercial mortgage pass-through certificates series 2005-PWR8. The downgrades were due to the increased certainty of expected losses on the specially serviced assets, while the affirmations reflect Fitch's stable-to-improved overall loss expectations on the remaining pool. A detailed list of rating actions follows at the end of this press release. Fitch modeled losses of 6.1% of the remaining pool; expected losses on the original pool balance total 6.9%, including losses already incurred. The pool has experienced $28.6 million (1.6% of the original pool balance) in realized losses to date. Fitch has designated 49 loans (22.6%) as Fitch Loans of Concern, which includes nine specially serviced assets (5.4%). As of the April 2012 distribution date, the pool's aggregate principal balance has been reduced by 14.5% to $1.51 billion from $1.77 billion at issuance. Per the servicer reporting, eight loans (9% of the pool) have defeased since issuance. Interest shortfalls are currently affecting classes H through Q. The largest contributor to expected losses is the real estate owned (REO) Union Centre Pavilion (1% of the pool), an approximately 146,000-square foot (sf) anchored retail center built in 2001, located in a northern suburb of Cincinnati, OH. The asset transferred to special servicing in February 2009 for imminent default and became REO in January 2012. Based on recent valuations, Fitch expects significant losses upon disposition. The next largest contributor to expected losses is the REO Roseville Corporate Center (1.3%), an approximately 230,000-sf office property located between Minneapolis and St. Paul, MN. The asset was foreclosed upon on Dec. 30, 2011, and following a required six-month right-of-redemption period, the special servicer intends to list the asset for sale. The third largest contributor to expected losses is the specially-serviced La Borgata at Serrano loan (0.9%), which is secured by a 59,000-sf mixed use (office/retail) property built in 2003, located about 30 miles east of Sacramento, CA. The loan transferred to special servicing on March 9, 2012 for imminent default due to high rollover and resulting low occupancy. As of the April 2012 remittance, the loan was due for its March 1, 2012 payment. Fitch downgrades the following classes and revises Recovery Estimates (REs) as indicated: --$19.9 million class F to 'CCsf' from 'CCCsf', RE 0%; --$15.4 million class G to 'Csf' from 'CCCsf', RE 0%; --$17.7 million class H to 'Csf' from 'CCsf', RE 0%; --$8.8 million class J to 'Csf' from 'CCsf', RE 0%. Fitch affirms the following classes and revises the RE as indicated: --$17.7 million class E at 'CCCsf', RE 70%. Fitch affirms the following classes as indicated: --$28.5 million class A-3 at 'AAAsf', Outlook Stable; --$86.5 million class A-AB at 'AAAsf', Outlook Stable; --$1 billion class A-4 at 'AAAsf', Outlook Stable; --$50 million class A-4FL at 'AAAsf', Outlook Stable; --$150 million class A-J at 'Asf', Outlook Stable; --$37.5 million class B at 'BBB-sf', Outlook Stable; --$17.7 million class C at 'BBsf', Outlook Negative; --$26.5 million class D at 'Bsf', Outlook Negative; --$4.4 million class K at 'Csf', RE 0%; --$6.6 million class L at 'Csf', RE 0%; --$2.3 million class M at 'Dsf', RE 0%; --$0 class N at 'Dsf', RE 0%; --$0 class P at 'Dsf', RE 0%. The class A-1 and A-2 certificates have paid in full. Fitch does not rate the class Q certificates. Fitch previously withdrew the ratings on the interest-only class X-1 and X-2 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

Source: Reuters