Fitch Affirms Credit Suisse Commercial Mortgage Trust, Series 2006-C1

NEW YORK--(BUSINESS WIRE)--Fitch affirms Credit Suisse Commercial Mortgage Trust 2006-C1, commercial mortgage pass-through certificates as follows

--$57,823,642 class A-1 'AAA';

--$235,000,000 class A-2 'AAA';

--$336,916,000 class A-3 'AAA';

--$155,000,000 class A-AB 'AAA';

--$698,000,000 class A-4 'AAA';

--$576,577,000 class A-1-A 'AAA';

--$300,356,000 class A-M 'AAA';

--$236,531,000 class A-J 'AAA';

--$3,003,562,222 class A-X 'AAA';

--$125,306,365 class A-Y 'AAA';

--$18,772,000 class B 'AA+';

--$37,545,000 class C 'AA';

--$33,790,000 class D 'AA-';

--$22,526,000 class E 'A+';

--$33,790,000 class F 'A';

--$30,036,000 class G 'A-';

--$33,790,000 class H 'BBB+';

--$30,036,000 class J 'BBB';

--$37,544,000 class K 'BBB-';

--$15,018,000 class L 'BB+';

--$11,263,000 class M 'BB';

--$11,264,000 class N 'BB-';

--$3,754,000 class O 'B+';

--$3,755,000 class P 'B';

--$7,509,000 class Q 'B-';

Classes S and CCA are not rated by Fitch.

The affirmations are due to the pool's stable performance since issuance. As of the July 2008 distribution report, the transaction has paid down 1.9% to $2.95 billion from $3.00 billion at issuance. There are two specially serviced loans which comprise less than 0.2% of the pool. Expected losses are anticipated to be minimal and not impact the trust.

Three loans maintain their investment grade shadow ratings: 230 Park Avenue (9.5%), Saint Louis Galleria (5.8%) and NEI Portfolio (2.4%). The 230 Park Avenue, also know as the Helmsley Building, is a 1.2 million square foot (sf), 34-story office tower located in midtown Manhattan in New York City. Occupancy as of March 31, 2008 was 93%, up from issuance occupancy of 89%. Year-end (YE) 2007 servicer reported debt service coverage ratio (DSCR) on net operating income (NOI) was 1.79 times (x) compared to 1.45x at issuance.

The second largest shadow rated loan is the Saint Louis Galleria, a 1.2 million sf regional mall located in St. Louis, MO. Current major anchors are Dillard's and Macy's; major tenants are Mark Shale, Galleria 6 Cinemas, Limited and Express. YE 2007 servicer reported DSCR on NOI was 2.07x compared to 1.91x at issuance. Additionally, June 30, 2008 occupancy was 96.25%, stable since issuance.

The NEI Portfolio is comprised of 26 office, retail and multifamily properties located primarily in California with some properties in Connecticut, Florida, Virginia, Arizona, Texas and Oregon. The note is a $70 million 10-year interest only loan that matures on December 1, 2015. The YE 2007 servicer reported DSCR on NOI was 2.87x.

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