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Fitch Takes Various Actions on Key Commercial Mortgage 2007-SL1 | Bu..

Datum nieuwsfeit: 15-06-2012
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Fitch Takes Various Actions on Key Commercial Mortgage 2007-SL1 | Bu..


June 14, 2012 05:40 PM Eastern Daylight Time

Fitch Takes Various Actions on Key Commercial Mortgage 2007-SL1

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded seven and affirmed four classes of Key Commercial Mortgage Securities Trust 2007-SL1 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release.

The downgrades reflect an increase in Fitch expected losses across the pool. Fitch modeled losses of 10.4% of the remaining transaction balance; expected losses of the original pool are at 9.1%, including losses already incurred to date (2.4%). Fitch has designated 30 loans (28.2%) as Fitch Loans of Concern, which includes five specially serviced loans (5%).

As of the May 2012 distribution date, the pool's certificate balance has been reduced by 34.9% to $154.5 million from $237.5 million at issuance. There are 113 of the original 155 loans remaining in the transaction. The average loan size for the transaction is $1.4 million.

Fitch stressed the cash flow of the remaining loans by applying cap rates ranging from 8.1%-10.5% to determine loan values and losses.

The largest contributor to losses (3% of pool balance) is a 41,341 square feet (sf) office property located in Tacoma, WA. The property has experienced a severe decline in occupancy as a result of several tenants vacating the property. The property was 50.2% occupied as of January 2012. The loan remains current.

The next largest contributor to losses (0.9%) is an industrial property located in Kent, OH. The property has suffered declines in performance as a result of low occupancy due to tenant vacancies and increased expenses. The loan remains current.

Fitch downgrades the following classes, including revising the Outlooks and assigning Recovery estimates (RE) as indicated:

--$5.3 million class B notes to 'BBsf' from 'BBB-sf'; Outlook to Negative from Stable;

--$5.6 million class C notes to 'CCCsf' from 'BBsf'; RE 20%;

--$4.8 million class D notes to 'CCsf' from 'CCCsf'; RE 0%;

--$2.1 million class E notes to 'Csf' from 'CCCsf'; RE 0%;

--$1.8 million class F notes to 'Csf' from 'CCCsf'; RE 0%;

--$1.2 million class G notes to 'Csf' from 'CCsf'; RE 0%;

--$1.2 million class H notes to 'Csf' from 'CCsf'; RE 0%.

Fitch affirms the following classes, including revising the Outlooks and assigning REs as indicated:

--$72.5 million class A-2 notes at 'Asf'; Outlook to Negative from Stable;

--$59.5 million class A-1A notes at 'Asf; Outlook to Negative from Stable;

--$0.5 million class J notes at 'Dsf'; RE 0%;

--Class K notes at 'Dsf'; RE 0%.

Fitch previously withdrew the rating on the class X notes. Fitch does not rate the class L, R, and LR notes. Class A-1 has paid in full.

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' (Aug. 4, 2011);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

www.fitchratings.com/creditdesk/reports/report_frame.cfm'rpt_id=679923

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

www.fitchratings.com/creditdesk/reports/report_frame.cfm'rpt_id=662869

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: 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.

Contacts

Fitch Ratings
Primary Surveillance Analyst
Matthew McGowan, +1-212-908-0733
Analyst
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
Email: sandro.scenga@fitchratings.com



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