NEW YORK - (Business Wire) Fitch Ratings has affirmed and assigned Rating Outlooks to Bear Stearns Commercial Mortgage Securities Inc., commercial mortgage pass-through certificates, series 2000-WF1, as follows:
--$418.2 million class A-2 at 'AAA'; Outlook Stable;
--Interest-only class X at 'AAA'; Outlook Stable;
--$31.1 million class B at 'AAA'; Outlook Stable;
--$35.5 million class C at 'AAA'; Outlook Stable;
--$8.9 million class D at 'AAA'; Outlook Stable;
--$26.6 million class E at 'AAA'; Outlook Stable;
--$8.9 million class F at 'AAA'; Outlook Stable;
--$15.5 million class G at 'A+'; Outlook Stable;
--$13.3 million class H at 'BBB+'; Outlook Stable;
--$6.7 million class I at 'BBB-'; Outlook Stable;
--$5.6 million class J at 'BB'; Outlook Stable;
--$8.9 million class K at 'B'; Outlook Negative;
--$3.3 million class L at 'B-'; Outlook Negative.
Fitch does not rate the $3.3 million class M. Class A-1 is paid in full.
The rating affirmations are the result of stable performance of the remaining pool since Fitch's last rating. Rating outlooks reflect the likely direction of any rating changes over the next one to two years. As of the November 2008 distribution date, the pool's aggregate principle balance has decreased 34.0% to $585.8 million from $888.3 million at issuance. Fifty-nine loans (55.1%) have defeased, including the top five largest loans in the pool (24.3%). In addition, there are currently no loans in special servicing.
The largest Fitch Loan of Concern (2.6%) is secured by the 288,562 square foot (sf) headquarters of Circuit City located in Richmond, VA. Circuit City filed for Chapter 11 bankruptcy protection in November 2008. As of June 2008, the property was 100% occupied by Circuit City and the servicer reported debt service coverage ratio (DSCR) was 1.56 times (x). The loan is scheduled to mature in February 2010.
The second largest Loan of Concern (1.6%) is secured by a multifamily property located in Durham, NC. The property is located in the Research Triangle submarket which has suffered from low occupancy and concessions. The property has seen recent improvement in occupancy, with reported September 2008 occupancy of 93.8% compared to year-end (YE) 2007 occupancy of 84%.
The third largest Loan of Concern (0.9%) is secured by an industrial warehouse facility located in Petaluma, CA. The property has been 100% vacant since 2007.
Fitch continues to monitor upcoming maturities. Of the non-defeased loans, 29.2% of the pool is scheduled to mature in 2009 and 10.8% in scheduled to mature in 2010. Servicer-reported weighted average DSCR and weighted average coupon for the 2009 and 2010 maturing loans is 1.96x and 7.83%, and 1.53x and 8.31%, respectively.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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 Ratings, New York
Jeffrey Diliberto, 212-908-0751
Adam Fox, 212-908-0869
or
Media Relations:
Sandro Scenga, 212-908-0278
Email: sandro.scenga@fitchratings.com
