NEW YORK--(BUSINESS WIRE)--Fitch Ratings has upgraded one class of Commercial Mortgage Asset Trust, commercial mortgage pass through certificates, series 1999-C2. A detailed list of rating actions follows at the end of this release.
KEY RATING DRIVERS
The upgrade reflects that the class F notes are covered by defeased collateral. There are four loans remaining in the pool, three of which are defeased (89.4%).
As of the March 2014 distribution date, the pool's aggregate principal balance has been reduced by 94.8% to $40.3 million from $775.2 million at issuance. The pool has experienced $61.3 million (7.9% of the original balance) in losses to date. Interest shortfalls are currently affecting classes H through Q2.
The only non-defeased loan in the pool (10.6%) is collateralized by a 64,247 square foot Regal Cinema located in Medina, OH. There are no other major theatres is the Medina area. The servicer reported year to date debt service coverage ratio (DSCR) of 1.40x.
RATING SENSITIVITIES
The Stable Outlook is in relation with Fitch's outlook on the rating of the United States of America.
Fitch has upgraded the following class:
--$14.3 million class F to 'AAAsf' from 'Asf'; Outlook Stable.
Fitch does not rate classes G, H, J, K, L, M, N, Q1 and Q2. Classes A-1, A-2, A-3, CS-1, B, C, D, and E notes have paid in full. Fitch previously withdrew class X.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (May 24, 2013);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=826723
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