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Fitch Downgrades One Distressed Class of MSCI 1998-WF2

Wednesday, April 10, 2013 4:51 PM


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.

RATINGS SENSITIVITY

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 maturity.

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 Fitch does not rate class N. The rating on class X has previously been withdrawn.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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

(Source: Business Wire )
(Source: Quotemedia)

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