Fitch Affirms 6 Classes of PNC MAC 2000-C1

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed six classes of PNC Mortgage Acceptance Corp. series 2000-C1. A detailed list of rating actions follows the end of the press release.

KEY RATING DRIVERS

The affirmation on class G reflects the high credit enhancement and the likely full repayment of the remaining balance from monthly amortization and defeased loans. The affirmations at 'Dsf' on classes H through M reflect losses already incurred on the classes.

Fitch modeled losses of 4.6% of the remaining pool; expected losses on the original pool balance total 6.6%, including $52.2 million (6.5% of the original pool balance) in realized losses to date. As of the April 2015 distribution date, the pool's aggregate principal balance has been reduced by 99% to $8.2 million from $801 million at issuance. There are 11 loans remaining in the pool, all of which are fully amortizing. None of the loans are specially serviced, and one loan is fully defeased (7.8%). Interest shortfalls are currently affecting classes H through O.

Collateral for the remaining pool consists of six retail properties (76% of the pool), three self-storage facilities (13.4%), one office (7.8%), and one multifamily (3.5%). Six of the properties are located in Texas (62.4%) with five in El Paso (58.9%).

The largest loan in the pool is secured by a 47,091 square foot unanchored retail property located in El Paso, TX. The December 2014 rent roll reported occupancy at 93%, with near term lease rollover for the two largest tenants (30% of the net rentable area [NRA]) expiring in 2015. The year end (YE) 2014 DSCR reported at 1.58x, compared to 1.69x for YE 2013. The loan is fully amortizing and matures in February 2020.

RATING SENSITIVITIES

The Rating Outlook on class G remains Stable. Increasing credit enhancement is expected for the class from the repayment of defeased loans and on-going amortization. The rating will be capped at 'Asf' for any future rating actions due to previous interest shortfalls. According to Fitch's global criteria for rating caps, Fitch will not assign or maintain 'AAAsf' or 'AAsf' ratings for notes that it believes have a high level of vulnerability to interest shortfalls or deferrals, even if permitted under the terms of the documents (for more information please see the full report titled 'Criteria for Rating Caps and Limitations in Global Structured Finance Transactions', dated June 12, 2013, at www.fitchratings.com).

Fitch affirms the following classes:

--$281,553 class G at 'Asf'; Outlook Stable;

--$7.9 million class H at 'Dsf'; RE 50%;

--$0 class J at 'Dsf'; RE 0%;

--$0 class K at 'Dsf'; RE 0%;

--$0 class L at 'Dsf'; RE 0%;

--$0 class M at 'Dsf'; RE 0%.

The class A-1, A-2, B, C, D, E and F certificates have paid in full. Fitch does not rate the class O certificates. The ratings on class N and interest-only class X have previously been withdrawn.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 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'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 2015);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014);

--'Criteria for Rating Caps and Limitations in Global Structured Finance Transactions' (May 28, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983996

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.

Fitch Ratings
Primary Analyst
Benson Thomas, +1-212-908-0645
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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