Fitch Affirms Morgan Stanley & Co. LLC Re-Remic Trust 2011-IO

NEW YORK--()--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.

RATING SENSITIVITIES

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.

Applicable Criteria

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

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

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1000031

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1000031

Endorsement Policy

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

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Contacts

Fitch Ratings
Darren Liss
Director
+1-212-908-0753
Fitch Ratings, Inc.
33 Whitehall St
New York, NY 10004
or
Committee Chairperson
Brook Sutherland
Senior Director
+1-312-606-2346
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Darren Liss
Director
+1-212-908-0753
Fitch Ratings, Inc.
33 Whitehall St
New York, NY 10004
or
Committee Chairperson
Brook Sutherland
Senior Director
+1-312-606-2346
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com