CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the ratings for 12 classes of Credit Suisse First Boston Mortgage Securities Corp. (CSFB) series 2006-OMA, commercial mortgage pass-through certificates, as follows:
--$50 million class A at 'AAAsf'; Outlook Stable;
--Interest-only class A-X at 'A-sf'; Outlook Stable;
--$81 million class B-1 at 'AA+sf'; Outlook Stable;
--$65.1 million class B-2 at 'AA+sf'; Outlook Stable;
--$60.8 million class C at 'AAsf'; Outlook Stable;
--$63.1 million class D at 'AA-sf'; Outlook Stable;
--$13.3 million class E at 'A+sf'; Outlook Stable;
--$13.5 million class F at 'Asf'; Outlook Stable;
--$11.8 million class G at 'A-sf'; Outlook Stable;
--$10.1 million class H at 'BBB+sf'; Outlook Stable;
--$10.3 million class J at 'BBBsf'; Outlook Stable;
--$36.2 million class K at 'BBB-sf'; Outlook Stable.
KEY RATING DRIVERS
The affirmations reflect stable collateral performance since Fitch's last rating action. Both property occupancy and reported net cash flow (NCF) have remained in line with expectations at issuance.
The certificates represent beneficial ownership interest in the trust, the primary assets of which are a fixed-rate junior mortgage note with a principal balance of $50 million and a fixed-rate first mezzanine loan with a principal balance of $365.2 million. The junior mortgage note and first mezzanine loan mature in May 2020.
The trust is subordinate to a self-liquidating $2.05 million (current balance as of April 2016) senior mortgage note within the Credit Suisse First Boston (CSFB) 2005-C6 transaction that is structured as a 15-year 'hyper' amortizing facility. The 'hyper-amortization' payments are provided by the excess cash flow from the Credit Suisse lease. The first 11 years are directed toward the non-trust senior mortgage note, and the remaining amortization will be directed (in the following order) to the trust's $365.2 million mezzanine loan, then to $117.7 million in non-trust mezzanine loans, and finally to the trust's $50 million junior mortgage note, which is interest-only.
The transaction's collateral is a 15-story, 1.18 million square foot portion of One Madison Avenue. The property, which consists primarily of office space with ground floor retail, is located in the Midtown South market of Manhattan, New York City. The building is situated along Madison Avenue, between 23rd and 24th streets, overlooking Madison Square Park. One Madison Avenue was 100% occupied per the year-end (YE) 2015 servicer-provided rent roll, of which Credit Suisse (rated 'A'/Outlook Stable) leases approximately 97% of the net rentable area. Credit Suisse's lease expires in December 2020. In addition, Credit Suisse subleases ground floor space to Walgreens and Charles Schwab.
RATING SENSITIVITIES
The ratings are expected to remain stable. Upgrades are expected to be limited due to the subordinate nature of the trust and the priority of principal payments directed to the mezzanine loans prior to the trust mortgage note.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
Additional information is available at www.fitchratings.com.
Applicable Criteria
Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions (pub. 27 Aug 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870009
Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 28 May 2014)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781
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=1003539
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1003539
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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