NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the remaining classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates series 2002-CP3. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
Affirmations are based on the pool's concentration and secondary market locations of the underlying collateral. The three remaining loans are amortizing and mature in 2017. Two specially serviced loans were liquidated since last review and resulted in full losses to classes N and O and a 99% loss to class M.
As of the July 2015 distribution date, the pool's aggregate principal balance has been reduced by 99.7% to $2.3 million from $895.7 million at issuance. Interest shortfalls are currently affecting classes L through O.
The two largest loans in the pool (85.7%) are each secured by a 64-unit multifamily property located in El Dorado, AR. As of year-end (YE) 2014, the servicer-reported occupancy and debt service coverage ratio (DSCR) was 97% and 1.45x, respectively for one property and 95% and 1.59x for the other.
The third loan in the pool (14.3%) is secured by a 12-unit multifamily property located in Edmond, OK. As of YE 2014, occupancy and DSCR were a reported 92% and 1.55x respectively.
The rating on class L may see a further downgrade if the performance of the remaining three properties deteriorates.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
Fitch has affirmed the following classes:
--$2.2 million class L at 'CCCsf'', RE 100%.
--$124.9 thousand class M at 'Dsf', RE 0%;
--$0 class N at 'Dsf', RE 0%.
Classes A-1, A-2, A-3, A-SP, B, C, D, E, F, G, H, J and K have been paid in full. Fitch does not rate the class O certificates. Fitch previously withdrew the rating on the interest-only class A-X certificates.
Additional information is available at www.fitchratings.com.
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)
Dodd-Frank Rating Information Disclosure Form