Fitch Affirms OBP Depositor LLC Trust 2010-OBP & New York Liberty Devel Corp Revs Series 2010

NEW YORK--()--Fitch Ratings affirms OBP Depositor LLC Trust 2010-OBP and New York Liberty Development Corporation second priority liberty revenue refunding bonds, series 2010. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations reflect stable performance of the transactions' collateral, a leasehold mortgage interest in One Bryant Park. The property occupancy is approximately 98.8% with the majority of tenants on long-term leases. The largest tenant is Bank of America, which is rated 'A' with a Negative Outlook by Fitch, as of March 2014.

The transaction consists of $650 million of CMBS certificates and $650 million of subordinated nontaxable liberty bonds. The maturity of the CMBS and the nontaxable liberty bonds are not coterminous.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. No rating actions are expected unless there are material changes to the property occupancy and cash flow.

The rated bonds are secured by the leasehold mortgage interest in One Bryant Park, a 51-story class A office building located on the northwest corner of 42 Street and Sixth Avenue in the Midtown Manhattan. The asset is owned by entities controlled by the Durst Organization (50.01%) and Bank of America (49.99%). The servicer provided April 2014 rent roll indicated occupancy of approximately 98.8%. Bank of America is the largest tenant, occupying 76.3% of the space with a lease expiration of 2028. The second largest tenant is the international law firm Akin Gump Strauss Hauer & Feld LLP (10% of the net rentable area) with a lease expiration of 2023.

Fitch affirms the following classes as indicated:

--$650 million class A OBP CMBS certificates at 'AAAsf'; Outlook Stable;

--$206.2 million class 1A Liberty Bonds at 'AAsf'; Outlook Stable;

--$145.4 million class 1B Liberty Bonds at 'AAsf'; Outlook Stable;

--$87.1 million class 2 Liberty Bonds at 'Asf'; Outlook Stable;

--$211.3 million class 3 Liberty Bonds at 'BBB-sf'; Outlook Stable.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

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

Applicable Criteria and Related Research:

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718468

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=833190

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

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

Sharing

Contacts

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