NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed 14 pooled and non-pooled classes of COMM Mortgage Trust 2005-FL11. A detailed list of rating actions follows at the end of this release.
KEY RATING DRIVERS
Although recent valuations and performance indicate the possibility of greater than previously modeled recoveries on the remaining loans in the pool, affirmations are warranted at this time pending the disposition of the largest remaining loan in the pool. In its review, Fitch analyzed servicer-reported rent rolls, updated property valuations, and recent lease and sales comparisons.
RATING SENSITIVITIES
The Negative Outlook remains on class L pending the ultimate resolution of the DDR/Macquarie Mervyn's Portfolio, which is now real-estate owned (REO).
The Whitehall/Starwood Golf Portfolio (89.2% of the pooled balance) is in special servicing; however, the loan remains current and is under an extended forbearance period. The loan is backed by fee golf courses and leasehold or managed golf courses throughout the U.S. There is also $105.6 million in non-pooled subordinate rake bonds.
The REO DDR/Macquarie Mervyn's Portfolio (10.8%) was originally collateralized by 35 retail stores, 31 fee and four leasehold, located in California, Nevada, Arizona and Texas, of which 17 remain. The collateral was previously 100% occupied by Mervyn's, which is no longer in operation. The total debt includes three A notes: two fixed rate, pari passu notes with an outstanding balance of approximately $71 million each, and the floating rate component in this transaction with an outstanding balance of $11.4 million. Of the remaining properties, the majority have been fully or partially leased.
Fitch affirms the following pooled and non-pooled classes and revises the rating Outlooks as indicated:
--$12.3 million class B at 'AAAsf'; Outlook Stable;
--$14 million
class C at 'AAAsf'; Outlook Stable;
--$9.5 million class D at
'AAAsf'; Outlook Stable;
--$12.3 million class E at 'AAAsf';
Outlook Stable;
--$11.2 million class F at 'AA+sf'; Outlook Stable;
--$9.5
million class G at 'AA-sf'; Outlook Stable;
--$8.4 million class H
at 'Asf'; Outlook to Stable from Negative;
--$9.5 million class J
at 'BBBsf'; Outlook to Stable from Negative;
--$10.1 million class
K at 'B-sf'; Outlook Negative;
--$8.4 million class L at 'Dsf', RE
20%;
--$27.9 million class S-GP at 'BBsf'; Outlook to Stable from
Negative;
--$31.9 million class T-GP at 'Bsf'; Outlook to Stable
from Negative;
--$32.4 million class U-GP at 'CCCsf'; RE 100%';
--$13.4
million class V-GP at 'CCsf'; RE 100%.
Classes A-1, A-J, X-1, X-2-SG, X-3-SG, M-SHI, M-COP, M-GP, N-GP, O-GP, P-GP, Q-GP, and R-GP have paid in full. Classes X-2-CB, X-2-DB, X-3-CB and X-3-DB were previously withdrawn.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
--'Global Structured
Finance Rating Criteria' (May 24, 2013).
Applicable Criteria and Related Research:
Global Structured Finance
Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=797148
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