NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed one class of Commercial Mortgage Asset Trust, commercial mortgage pass through certificates series 1999-C2. A detailed list of rating actions follows at the end of this release.
KEY RATING DRIVERS
The affirmation reflects that the class F notes are covered by defeased collateral. There are four loans remaining in the pool, three of which are defeased (87.8%). As of the October 2015 distribution date, the pool's aggregate principal balance has been reduced by 96% to $30.6 million from $775.2 million at issuance. The pool has experienced $61 million (8% of the original balance) in losses to date. Interest shortfalls are currently affecting classes H through Q2.
The only non-defeased loan in the pool (12.2%) is collateralized by a 64,247 square foot Regal Cinema located in Medina, OH. There are no other major theatres is the Medina area. As of December 2014, net operating income debt service coverage ratio (NOI DSCR) was 1.26x.
The Stable Outlook is reliant on Fitch's outlook on the rating for the United States of America.
DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.
Fitch has affirmed the following class:
--$4 million class F at 'AAAsf'; Outlook Stable.
Fitch does not rate classes G, H, J, K, L, M, N, Q1 and Q2. Classes A-1, A-2, A-3, CS-1, B, C, D, and E notes have paid in full. Fitch previously withdrew class X.
Additional information is available at www.fitchratings.com.
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)
Dodd-Frank Rating Information Disclosure Form