NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms the ratings for 12 classes of Credit Suisse First Boston Mortgage Securities Corp. (CSFB) series 2006-OMA, commercial mortgage pass-through certificates as follows:
--$50 million class A at 'AAAsf', Outlook Stable;
--Interest-only class A-X at 'A-sf', Outlook Stable;
--$81 million class B-1 at 'AA+sf', Outlook Stable;
--$65.1 million class B-2 at 'AA+sf', Outlook Stable;
--$60.8 million class C at 'AAsf', Outlook Stable;
--$63.1 million class D at 'AA-sf', Outlook Stable;
--$13.3 million class E at 'A+sf', Outlook Stable;
--$13.5 million class F at 'Asf', Outlook Stable;
--$11.8 million class G at 'A-sf', Outlook Stable;
--$10.1 million class H at 'BBB+sf', Outlook Stable;
--$10.3 million class J at 'BBBsf', Outlook Stable;
--$36.2 million class K at 'BBB-sf', Outlook Stable.
Key Rating Drivers
The affirmations reflect stable collateral performance since Fitch's last rating action. Both property occupancy and reported net cash flow (NCF) have remained in line with expectations at issuance.
Ratings Sensitivities
Ratings are expected to remain stable. Upgrades are expected to be limited due to the subordinate nature of the trust.
The certificates represent beneficial ownership interest in the trust, the primary assets of which are a fixed-rate junior mortgage note with a principal balance of $50 million and a fixed-rate first mezzanine loan with a principal balance of $365.2 million. The junior mortgage note and first mezzanine loan mature in May 2020.
The trust is subordinate to a self-liquidating $66.4 million (current balance) senior mortgage note within the Credit Suisse First Boston (CSFB) 2005-C6 transaction that is structured as a 15-year 'hyper' amortizing facility. The 'hyper-amortization' payments are provided by the excess cash flow from the Credit Suisse lease (see paragraph below). The first 11 years are directed toward the non-trust senior mortgage note, and the remaining amortization will be directed (in the following order) to the trust's $365.2 million mezzanine loan, then to $117.7 million in non-trust mezzanine loans, and finally to the trust's $50 million junior mortgage note, which are all interest-only.
The transaction's collateral is a 15-story, 1.2 million square foot portion of One Madison Avenue. The property, which consists primarily of office space with ground floor retail, is located in the Midtown South market of Manhattan, New York City. The building is situated along Madison Avenue, between 23rd and 24th streets, overlooking Madison Square Park. One Madison Avenue was 99% occupied per the December 2012 servicer-provided rent roll, of which Credit Suisse (rated 'A', Outlook Stable by Fitch) leases approximately 97% of the net rentable area. Credit Suisse's lease expires in December 2020. Additionally, Credit Suisse subleases ground floor space to Walgreens and Charles Schwab.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (May 24, 2013);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 21, 2012).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=793063
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