Fitch Affirms CSFB 2000-C1

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed all 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.

The affirmations reflect stable pool performance and sufficient credit enhancement to offset Fitch modeled losses. Fitch modeled losses of 24.8% of the remaining pool; modeled losses of the original pool are at 4.1%, including losses already incurred to date. The Negative Outlook on class H reflects the concentrated nature of the pool and the uncertainty surrounding the workout of the two largest loans in the pool (50.2%), which are both in special servicing.

As of the June 2011 distribution date, the pool's certificate balance has been reduced by 94.2% (to $64.7 million from $1.11 billion), of which 91.5% were due to pay downs and 2.7% were due to realized losses. Thirty-eight loans currently remain in the pool. One loan (0.6%) has been defeased. Interest shortfalls totaling $2.1 million are currently affecting classes L through M.

Fitch has designated 12 loans (66.1%) as Fitch Loans of Concern, which includes three specially serviced loans (58%). One loan (18.3%) is 60 days delinquent and two loans (39.7%) remain current. Fitch expects the losses associated with the specially-serviced loans to impact classes J through L.

The largest specially serviced loan (31.8%) is secured by a 190,908 square foot (sf) office property located in Seattle, WA. The loan transferred to special servicing in February 2010. The building was solely occupied by Amazon.com who vacated the building to move to a new headquarters. The loan was not repaid by the anticipated repayment date in June 2010 and extended interest rate terms are now in effect.

The second largest specially serviced loan (18.3%) is secured by a 529,073 sf industrial building located in Fresno, CA. The loan transferred to special servicing in April 2010 due to maturity default. The loan matured on May 11, 2010, but the borrower was unable to secure refinancing to pay off the loan. The borrower has requested forbearance. The special servicer is continuing discussions with the borrower, while dual tracking the foreclosure process.

Fitch affirms the following classes and revises Rating Outlooks, Loss Severity (LS) ratings, and Recovery Ratings (RR) as indicated:

--$27.9 million class G at 'AAsf'; LS to 'LS5' from 'LS4'; Outlook to Stable from Negative;
--$12.5 million class H at 'B-sf/LS5'; Outlook Negative;
--$9.8 million class J at 'CCsf/RR3';
--$11.1 million class K at 'Csf'; RR to 'RR6' from 'RR5';
--$3.5 million class L at 'Dsf/RR6';
--$0 class M at 'Dsf/RR6'.

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 on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Nov. 17, 2010 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.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 17, 2010).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=574208

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