Fitch Ratings has downgraded one and affirmed five classes of Morgan
Stanley Capital I Trust's commercial mortgage pass-through certificates,
series 1998-WF2. A detailed list of rating actions follows at the end of
this press release.
KEY RATING DRIVERS
The affirmations are based on the stable performance of the underlying
collateral pool. As of the March 2013 distribution date, the pool's
certificate balance has been reduced by 94.73% (including 0.86% in
realized losses) to $55.9 million from $1.1 billion at issuance. One
loan (14.3%) is defeased. There are currently no specially serviced
loans in the pool. Interest shortfalls are affecting classes M and N.
The Rating Outlook for classes G through M remain Stable as they benefit
from high credit enhancement. The pool is concentrated, with the largest
loan, 1201 Pennsylvania Avenue in Washington DC, representing 61% of the
pool, although Fitch does expect this loan to be able to refinance a
Fitch downgrades the following class:
--$5.3 million class M to 'Dsf' from 'Csf'; RE 95%.
Fitch affirms the following classes:
--$23.9 million class G at 'AAAsf'; Outlook Stable;
--$10.6 million class H at 'AAsf'; Outlook Stable;
--$8 million class J at 'Asf'; Outlook Stable;
--$8 million class K at 'BB+sf'; Outlook Stable;
--$15.9 million class L at 'B-sf'; Outlook Negative.
Classes A-1, A-2 and B through F have paid in full. Fitch does not rate
class N. The rating on class X has previously been withdrawn.
Additional information on Fitch's criteria for analyzing U.S. CMBS
transactions is available in the Dec. 18, 2012 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'.
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);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC
Criteria' (Dec. 18, 2012).
Applicable Criteria and Related Research
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
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