Fitch Affirms Adams Outdoor Advertising, Series 2010-1

NEW YORK--()--Fitch Ratings affirms Adams Outdoor Advertising LP secured billboard revenue notes, series 2010-1, as follows:

--$246.6 million class A notes at 'Asf'; Outlook Stable;

--$44 million class B notes at 'BBBsf'; Outlook Stable;

--$57 million class C notes at 'BBsf'; Outlook Stable.

The transaction represents a securitization in the form of notes backed by outdoor advertising structures, with over 10,000 billboard faces and other advertising displays.

The affirmations are due to the stable performance of the collateral since issuance. The notes are secured by: a pledge of the equity in the issuer, Adams Outdoor Advertising (AOA), which owns the permits, billboard structures, ground leases, and advertising contracts; and a lien on all of the assets of the issuer. AOA focuses on maximizing profitability of the portfolio through the most effective combination of occupancy and rate levels.

As part of its review, Fitch analyzed the financial information provided by the master servicer, Midland Loan Services. As of October 2012, the reported trailing twelve month (TTM) net cash flow and year over year occupancy levels have increased from Fitch's last rating action. Due to the scheduled amortization of the class A notes and the stable performance of the pool, Fitch's calculated debt yield has increased to 14.1% from 13.1% at issuance.

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);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions (Sept. 21, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831

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Contacts

Fitch Ratings
Primary Analyst
Jeffrey Diliberto
Director
+1-212-908-9173
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0875
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Jeffrey Diliberto
Director
+1-212-908-9173
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0875
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com