Fitch Affirms CSFB 2002-CP3

NEW YORK--()--Fitch Ratings has affirmed the remaining classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates series 2002-CP3. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Affirmations are based on the pool's concentration and secondary market locations of the underlying collateral. The three remaining loans are amortizing and mature in 2017. Two specially serviced loans were liquidated since last review and resulted in full losses to classes N and O and a 99% loss to class M.

As of the July 2015 distribution date, the pool's aggregate principal balance has been reduced by 99.7% to $2.3 million from $895.7 million at issuance. Interest shortfalls are currently affecting classes L through O.

The two largest loans in the pool (85.7%) are each secured by a 64-unit multifamily property located in El Dorado, AR. As of year-end (YE) 2014, the servicer-reported occupancy and debt service coverage ratio (DSCR) was 97% and 1.45x, respectively for one property and 95% and 1.59x for the other.

The third loan in the pool (14.3%) is secured by a 12-unit multifamily property located in Edmond, OK. As of YE 2014, occupancy and DSCR were a reported 92% and 1.55x respectively.

RATING SENSITIVITIES

The rating on class L may see a further downgrade if the performance of the remaining three properties deteriorates.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following classes:

--$2.2 million class L at 'CCCsf'', RE 100%.

--$124.9 thousand class M at 'Dsf', RE 0%;

--$0 class N at 'Dsf', RE 0%.

Classes A-1, A-2, A-3, A-SP, B, C, D, E, F, G, H, J and K have been paid in full. Fitch does not rate the class O certificates. Fitch previously withdrew the rating on the interest-only class A-X certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=988415

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988415

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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
Tiffany Pierce
Associate Director
+1-212-908-9107
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Robert Sutherland
Senior Director
+1-312-606-2346
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Tiffany Pierce
Associate Director
+1-212-908-9107
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Robert Sutherland
Senior Director
+1-312-606-2346
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com