Fitch Upgrades 5 Classes of WAMU 2005-C1

NEW YORK--()--Fitch Ratings has upgraded five classes and affirmed one class of Washington Mutual Asset Securities Corporation (WAMU) commercial mortgage pass-through certificates series 2005-C1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades are the result of increased credit enhancement due to scheduled loan payoffs and amortization. There are 22 loans remaining in the pool, none of which are delinquent or specially serviced and none are defeased. Fitch modeled losses of 5% of the remaining pool; expected losses on the original pool balance total 0.3%, including $1.2 million (0.2% of the original pool balance) in realized losses to date.

As of the February 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.1% to $12.5 million from $649.5 million at issuance. Interest shortfalls are currently affecting classes M through N.

The largest loan in the pool (29.2%) is secured by a 24,512 square foot (sf) retail property located in Woodside, NY. The property is 100% occupied by the tenant Staples. While the tenant's lease expired in March 2014, they remain in the space and paying rent. Per the master servicer, the loan is expected to payoff in full before its maturity in June 2015.

RATING SENSITIVITY

Rating Outlooks on classes H and J remains Stable due to increasing credit enhancement and continued paydown. Loan maturities are as follows: 29% 2015, 30% 2016, 6% 2017, 30% 2018, and 5% 2019. Nineteen of the 22 remaining loans (38% of the pool) are fully amortizing.

Fitch upgrades the following classes and assigns Rating Outlooks and REs as indicated:

--$3.1 million class H to 'AAAsf' from 'Asf'; Outlook Stable;

--$3.3 million class J to 'Asf' from 'BBsf'; Outlook Stable;

--$2.4 million class K to 'Bsf' from 'CCCsf'; Outlook Stable assigned;

--$2.4 million class L to 'Bsf' from 'Csf'; Outlook Stable assigned;

--$812,000 class M to 'CCCsf' from 'Csf'; RE 85%.

Fitch affirms the following class:

--$499,855 class N at 'Dsf'; RE 0%.

The class A-1, A-2, A-J, B, C, D, E, F and G certificates have paid in full. Fitch previously withdrew the rating on the interest-only class X certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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

Applicable Criteria and Related Research:

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

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981158

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Lisa Cook
Director
+1-212-908-0665
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Lisa Cook
Director
+1-212-908-0665
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com