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Fitch Downgrades 6 Classes and Withdraws Ratings on 2 CRE CDOs

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded six bonds to 'Dsf' from 'Csf', affirmed six bonds at 'Dsf', and subsequently withdrew the ratings on 15 classes of notes from two commercial real estate collateralized debt obligations (CRE CDOs). Additionally, Fitch marked four classes as paid in full.

On May 15, 2014, an Event of Default occurred for N-Star Real Estate CDO III Ltd. (N-Star III) as a result of a missed timely interest payment. On May 28, 2014, the holders of the controlling class directed for the sale and liquidation of the collateral. Subsequently, proceeds were distributed on Aug. 13, 2014. Proceeds were sufficient to pay the class A-1 through B notes in full and 77% of the outstanding balance of the class C-1 notes. The class A-1 and A-2 notes previously experienced an event of default due to missed timely interest payments. Principal losses, based on the original balance of the transaction, were 12%. N-Star III is a collateralized debt obligation (CDO) that closed on March 10, 2005.

On the June 23, 2014 payment date the class A notes from GS Mortgage Securities Corporation, series 2006-CC1 (GSMS 2006-CC1) experienced a principal loss. The class B through G notes had previously experienced principal writedowns. GSMS 2006-CC1 is a CMBS Mezzanine Resecuritization issued in April 2006.

Fitch has taken the following actions:

GSMS 2006-CC1:

$273,188,580 class A notes downgraded to 'Dsf' from 'Csf' and withdrawn;

$0 class B notes affirmed at 'Dsf' and withdrawn;

$0 class C notes affirmed at 'Dsf' and withdrawn;

$0 class D notes affirmed at 'Dsf' and withdrawn;

$0 class E notes affirmed at 'Dsf' and withdrawn;

$0 class F notes affirmed at 'Dsf' and withdrawn;

$0 class G notes affirmed at 'Dsf' and withdrawn.

N-Star RE CDO III:

$0 class A-1 notes withdrawn;

$0 class A-2A notes withdrawn;

$0 class A-2B notes withdrawn;

$0 class B notes marked 'PIF';

$0 class C-1A notes downgraded to 'Dsf' from 'Csf' and withdrawn;

$0 class C-1B notes downgraded to 'Dsf' from 'Csf' and withdrawn;

$0 class C-2A notes downgraded to 'Dsf' from 'Csf' and withdrawn;

$0 class C-2B notes downgraded to 'Dsf' from 'Csf' and withdrawn;

$0 class D notes downgraded to 'Dsf' from 'Csf' and withdrawn.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'Global Rating Criteria for Structured Finance CDOs' (July 16, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751136

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=865275

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Contacts

Fitch Ratings
Primary Analyst
Matthew McGowan
Associate Director
+1 212-908-0733
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1 212-908-0785
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com