Fitch Affirms DLJ Commercial Mortgage Corp. 1998-CF1

NEW YORK--()--Fitch Ratings has affirmed one class of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates series 1998-CF1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmation is based on the stable performance of the remaining collateral, with strong amortization schedules and low leverage. There are nine loans remaining, two (22.7%) of which are defeased. None of the loans are designated as Fitch Loans of Concern. As of the April 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.26% to $14.6 million from $838.8 million at issuance.

The largest loan in the pool is the Randall's Store (24.3%), which is secured by a 59,000 square foot (sf) retail building in Sugar Land, TX. The property is 100% occupied by Randall's Store, a Texas grocery chain, which has a lease expiration of November, 2022.

The second and third largest loans in the pool are secured by 14,000 sf retail buildings occupied by Walgreens and located in Seattle, WA (16.4%) and Gresham, OR (16.1%). The leases expire in 2026 and 2056, respectively. The loans remain current as of the March 2015 remittance.

RATING SENSITIVITIES

The Rating Outlook for class B-7 is Stable, reflecting Fitch's expectation of future affirmations. Despite high credit enhancement and minimal expected losses, an upgrade was not warranted at this time due to increasing concentration risk and single-tenant exposure (74.6%).

Fitch affirms the following class:

--$6.3 million class B-7 at 'Bsf'; Outlook Stable.

The classes A-1A, A-1B, A-2, A-3, B-1, B-2, B-3, B-4 and CP certificates have paid in full. Fitch does not rate the class B-5, B-6 and C certificates. Fitch previously withdrew the rating on the interest-only class S 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' (March 2015);

--'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=864268

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=983023

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Contacts

Fitch Ratings, New York
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Director
Martin Nunnally, +1-212-908-0871
or
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Senior Director
Christopher Bushart, +1-212-908-0606

Contacts

Fitch Ratings, New York
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Director
Martin Nunnally, +1-212-908-0871
or
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Senior Director
Christopher Bushart, +1-212-908-0606