NEW YORK--(BUSINESS WIRE)--Fitch Ratings has upgraded one and affirmed three classes of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 1999-CG2. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The upgrade of class B-5 is due to the class being fully covered by defeasance. The pool is highly concentrated with 15 loans remaining; three of which are defeased (14% of pool) and 10 are fully amortizing (40%), two of which are designated as Fitch Loans of Concern (2.1%). None of the loans are in special servicing.
As of the October 2016 distribution date, the pool's aggregate principal balance has been reduced by 98.8% to $19.3 million from $1.55 billion at issuance. Interest shortfalls are currently affecting classes B-6 through C.
The Rating Outlook for class B-5 remains Stable as the class is covered by defeased collateral. Classes B-6, B-7 and B-8 will remain at 'Dsf' due to incurred losses.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10
No third-party due diligence was provided or reviewed in relation to this rating action.
Fitch has upgraded the following class:
--$0.2 million class B-5 to 'AAAsf' from 'Asf'; Outlook Stable.
In addition, Fitch has affirmed the following classes:
--$19.1 million class B-6 at 'Dsf'; RE 100%;
--$0 class B-7 at 'Dsf'; RE 0%;
--$0 class B-8 at 'Dsf'; RE 0%.
The class A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, B-3, and B-4 certificates have paid in full. Fitch does not rate the class C certificates. Fitch previously withdrew the rating on the interest-only class S certificates.
Additional information is available at www.fitchratings.com.
Counterparty Criteria for Structured Finance and Covered Bonds (pub. 01 Sep 2016)
Global Structured Finance Rating Criteria (pub. 27 Jun 2016)
U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)
Dodd-Frank Rating Information Disclosure Form
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