NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed Morgan Stanley & Co. LLC Re-REMIC Trust 2011-IO, commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The affirmations are based on the performance of the bonds relative to Fitch's 'AAA' and 'BBB' stressed cash flow projections. Actual aggregate cash flows for the underlying transactions have exceeded Fitch's 'AAA' and 'BBB' stressed cash flow projections at issuance.
Ratings are expected to remain stable as cash flow from the underlying transactions is exceeding Fitch's stressed projections leading to a quicker paydown of the bonds.
The class C certificate is a principal-only certificate and is not entitled to receive any distributions of interest. Class C is expected to pay down in the near term.
All classes are privately placed pursuant to rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, primary assets of which are allocations of 162 U.S. commercial mortgage backed security (CMBS) interest-only certificates, from 147 underlying transactions.
DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.
Fitch has affirmed the following rating:
--$20,148,516 class C at 'BBBsf'; Outlook Stable.
Classes A, A-A, A-B, B, B-A, and B-B have paid in full. Class R is not rated.
Additional information is available at www.fitchratings.com.
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
Dodd-Frank Rating Information Disclosure Form