Fitch Ratings has affirmed seven classes of DLJ Commercial Mortgage
Corp's commercial mortgage pass-through certificates, series 2000-CKP1
(DLJ 2000-CPK1). A complete list of rating actions follows at the end of
this press release.
As of the June 2012 remittance report the transaction balance has been
reduced by 92.4% to $97.7 million from $1.3 billion at issuance.
Seventeen loans remain in the transaction, of which 12 loans (35.3%) are
in special servicing. Fitch modeled additional losses of 13.9% of the
remaining pool for a total, including losses to date, of 5.9% of the
original balance.
The largest contributor to loss (4% of pool balance) is secured by a
52,271 square foot (sf) retail property located in Streetsboro, OH. The
loan transferred to the special servicer in June 2010 due to pending
maturity. A foreclosure sale was held for the property in July 2012;
however, the sale has not been finalized due to ongoing litigation.
The second largest contributor to loss (4.7% of pool balance) is secured
by a 280-unit multi-family property located in Houston, TX. The loan
transferred to the special servicer in September 2010 due to a maturity
default. The loan was sold at auction in July 2012.
The third largest contributor to loss (5.7% of pool balance) is secured
by a 386-unit multi-family property built in 1974 and located in Dallas,
TX. Performance on the property has been declining due to a significant
decrease in base rents since underwriting.
Fitch has affirmed the following classes as indicated below:
--$12.8 million class B-1 notes at 'AAAsf'; Outlook Stable;
--$25.8 million class B-2 notes at 'AA-sf'; Outlook Stable;
--$12.9 million class B-3 notes at 'A-sf'; Outlook Stable;
--$33.9 million class B-4 notes at 'CCCsf'; RE 95%;
--$12.7 million class B-5 notes at 'Dsf'; RE 0%;
--$0 class B-6 notes at 'Dsf'; RE 0%;
--$0 class B-7 notes at 'Dsf'; RE 0%.
Classes A-1A, A-1B, A-2, A-3, and A-4 have paid in full. Fitch
previously withdrew the ratings on the class B-8, B-9, and S notes.
Fitch did not rate class C.
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' (June 6, 2012);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec.
21, 2011).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869
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