NEW YORK - (Business Wire) Fitch Ratings has downgraded the following two classes of commercial mortgage pass-through certificates from PNC Mortgage Acceptance Corp. (MAC), series 2000-C1:
--$8 million class L to 'B-/DR1' from 'B';
--$6.8 million class M to 'C/DR6' from 'CC/DR4'.
In addition, Fitch has affirmed the following classes:
--$299.3 million class A-2 at 'AAA';
--Interest-only (IO) class X at 'AAA';
--$34 million class B at 'AAA';
--$34 million class C at 'AAA';
--$10 million class D at 'AAA';
--$26 million class E at 'AAA';
--$12 million class F at 'AA+';
--$12 million class G at 'A+';
--$18 million class H at 'BBB';
--$8 million class J at 'BBB-';
--$6.8 million class K at 'BB'.
The class A-1 certificates have paid in full. The balance of classes N and O have been reduced to zero due to realized losses.
The downgrades are the result of an increase in expected losses from one new specially serviced loan. Forty-one loans (39.1%) are fully defeased, including six of the top 10 loans (17.4%). As of the August 2008 distribution date, the principal balance has been reduced 40.7% to $475.3 million from $801 million at issuance.
There are currently three assets (2.1%) in special servicing. The largest specially serviced loan (1.8%) is secured by a 212,000 square foot (sf) retail center located in Manchester, NH. The asset was transferred to the special service in July 2008 due to imminent default. The loan does not mature until, Aug. 1, 2028, but had an Anticipated Repayment Date of Aug. 1, 2008. Due to unremedied environmental issues, the borrower was unable to refinance and the new interest rate is expected push the loan to less than 1.0x DSCR.
Of the pool, nine loans (4.1%) mature in 2008, 51 loans (35.7%) mature in 2009 and 64 loans (34.4%) mature in 2010.
Additionally, the transaction's highest state concentration is Michigan (10%).
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
Sue Ann Butera, +1-212-908-0713 (New York)
Britt Johnson, +1-312-606-2341 (Chicago)
Media Relations:
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