NEW YORK--(BUSINESS WIRE)--Fitch Ratings downgrades one distressed class of LB-UBS Commercial Mortgage Trust, series 2000-C3 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release.
As of the June 2012 distribution date, the pool's collateral balance has paid down 97% to $37.7 million from $1.3 billion at issuance. Of the 10 remaining loans in the transaction, two are defeased (27%) and four are specially serviced (58%).
Fitch expected losses of the original pool balance are 3.4%, including 2.9% in realized losses. In addition, there is $6 million in outstanding unpaid interest shortfalls to classes J through P. The Rating Outlook on class J was revised to Negative as this class is currently not receiving interest.
Fitch downgrades the following class:
--$9.8 million class K to 'Csf' from 'CCsf'; RE 40%.
Fitch also affirms the following classes and revises Outlooks as indicated:
--$20.9 million class H at 'Asf'; Outlook Stable;
--$16.3 million class J at 'BBsf'; Outlook to Negative from Positive.
Classes A-1, A-2, B,C,D,E,F and G have paid in full. Fitch does not rate Classes L, M, N and P.
Fitch previously withdrew the rating of the interest only Class X. (For additional information , see 'Fitch Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities', dated June 23, 2010.)
Additional information on Fitch's criteria for analyzing U.S. fixed rate CMBS is available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions,' which is available at 'www.fitchratings.com' under the following headers:
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June. 6, 2012);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011).
Applicable Criteria and Related Research:
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
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