CHICAGO--(BUSINESS WIRE)--Fitch Ratings places 11 rake bonds in four multiborrower U.S. CMBS transactions on Rating Watch Negative:
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-C5
--$5.1 million class 375-A at 'AAAsf';
--$8.8 million class 375-B at 'AAAsf';
--$19.7 million class 375-C at 'AAAsf'.
Greenwich Capital Commercial Funding Corp. Series 2004-GG1
--$9.3 million OEA-B1 at 'AAAsf';
--$12.8 million OEA-B2 at 'AAAsf'.
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2004-C2
--$5.0 million class RP-1 at 'AAAsf';
--$3.9 million class RP-2 at 'AAAsf';
--$4.1 million class RP-3 at 'AAAsf';
--$4.4 million class RP-4 at 'AAAsf';
--$6.7 million class RP-5 at 'AAAsf'.
Wachovia Bank Commercial Mortgage Trust series 2004-C12
--$12.6 million class MAD at 'AAAsf'.
KEY RATING DRIVERS:
The bonds have been placed on Rating Watch Negative as a result of Fitch placing the U.S. sovereign Issuer Default Rating (IDR) on Rating Watch Negative on Oct. 15, 2013. Each of the rake bonds is secured by defeased collateral which is a reliant on Fitch's rating of the U.S. sovereign debt securities.
Given the direct relationship of the bonds' ratings to the U.S. sovereign IDR, any further rating action on the U.S. sovereign IDR would be applied to the rating of the above rake bonds. For more information on the sovereign rating action, please see the press release titled 'Fitch Please United States 'AAA' on Rating Watch Negative', dated Oct. 15, 2013, at www.fitchratings.com.
Additional information is available at 'www.fitchratings.com'.