Fitch Removes 8 Bonds in 3 U.S. CMBS Transactions from Neg Watch Following U.S. Rating Affirmation

NEW YORK--()--Earlier today, Fitch Ratings resolved the Rating Watch Negative status and affirmed the United States of America's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AAA' with a Stable Outlook.

KEY RATING DRIVERS

As a result of the affirmation of the United States of America's (U.S.) sovereign debt 'AAA' rating, certain ratings within three CMBS transactions (in which the underlying collateral for these classes is fully defeased) have been removed from Rating Watch Negative and affirmed at 'AAA' with a stable outlook assigned as follows:

WHC-IRS Trust

-- $22 million Class A at 'AAAsf'; Outlook Stable;

Banc of America Large Loan Trust 2009-FDG Flagler

-- $323 million Class A at 'AAAsf'; Outlook Stable;

-- $30 million Class B at 'AAAsf'; Outlook Stable;

-- $33 million Class C at 'AAAsf'; Outlook Stable;

-- $47 million Class D at 'AAAsf'; Outlook Stable;

Credit Suisse First Boston Mortgage Securities Corp. 2005-C5

-- $5 million Class 375-A at 'AAAsf'; Outlook Stable;

-- $8.8 million Class 375-B at 'AAAsf'; Outlook Stable;

-- $19.6 million Class 375-C at 'AAAsf'; Outlook Stable.

For more information on the U.S. sovereign debt rating please refer to the rating action commentary titled 'Fitch Affirms United States at 'AAA'; Outlook Stable', dated March 21, 2014.

RATING SENSITIVITY

As these bonds are secured by defeased collateral which is reliant on Fitch's rating of the U.S. sovereign debt securities, future ratings actions will occur along with Fitch's rating of the U.S. sovereign debt.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

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

-- 'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 20, 2013);

-- 'Fitch Affirms United States at 'AAA'; Outlook Stable (Mar 21, 2014).

Applicable Criteria and Related Research:

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

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718468

Additional Disclosure

Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=824663

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Contacts

Fitch Ratings, Inc.
Primary Analyst
Chris Bushart, +1-212-908-0606
Senior Director
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, Inc.
Primary Analyst
Chris Bushart, +1-212-908-0606
Senior Director
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