Fitch Affirms BALL 2005-MIB1

NEW YORK--()--Fitch Ratings has affirmed Banc of America Large Loan 2005-MIB1 (BALL 2005-MIB1) commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations are warranted as there has been no material change in the performance of the remaining asset in the pool, which is real-estate owned (REO), since Fitch's last rating action. In addition, the most junior class, class L, has already incurred principal losses; interest shortfalls are affecting both outstanding classes.

RATING SENSITIVITIES

The ratings on the outstanding classes are distressed and both classes could ultimately experience losses upon disposition of the remaining REO asset.

The transaction is collateralized by one property: The Shops at Grand Avenue, an approximately 294,000 square foot (sf) regional mall located in downtown Milwaukee, WI. The property includes major tenants such as TJ Maxx (lease expiration in March 2014) and Office Max (lease expiration in March 2016). As of Feb. 2014, the property reported an overall occupancy of 89%, which includes a significant number of tenants on short-term leases. The asset became REO in October 2012.

Fitch affirms the following class:

--$5.6 million class K at 'Csf'; RE 65%.

The $15.5 million class L remains at 'Dsf', RE 0% due to realized losses.

Classes A-1, A-2, B, C, D, E, F, G, H, J and interest-only classes X-1A and X-4 have paid in full. Fitch previously withdrew the ratings of interest-only classes X-1B, X-2, X-3 and X-5.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=824353

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Contacts

Fitch Ratings
Primary Analyst
Jeffrey Diliberto, +1-212-908-9173
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Jeffrey Diliberto, +1-212-908-9173
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com