Fitch Places 4 Classes of BACM 2005-1 on Rating Watch Negative

NEW YORK--()--Fitch Ratings has placed four classes of Banc of America Commercial Mortgage Inc., commercial mortgage pass-through certificates, series 2005-1 on Rating Watch Negative.

The Negative Watch reflects continued concerns surrounding the loans in special servicing, most notably the January 2013 transfer of the second largest loan in the pool, The Mall at Stonecrest (7.5%). The loan was recently transferred to special servicing due to Imminent Default after the borrower notified the servicer the income was insufficient to service the debt and various reserves. The net operating income (NOI) has declined as a result of decreasing rents and the drop in occupancy to 78% from 89% in 2010.

Fitch expects to resolve the Rating Watch status within the next several months following a complete review of the transaction including updated valuation details and collateral/workout discussions with the loan servicers.

Fitch places the following classes on Rating Watch Negative:

--$168.4 million class A-J 'AAAsf';

--$61 million class B 'AAsf';

--$20.3 million class C 'Asf';

--$43.5 million class D 'Bsf'.

Additional information on Fitch's criteria is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', 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);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria ' (Dec. 18, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

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Contacts

Fitch Ratings
Primary Analyst:
Darren Liss, +1-212-908-0753
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst:
Darren Liss, +1-212-908-0753
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com