Fitch Affirms 6 Distressed Ratings in CSFB 2003-C5

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings affirmed six distressed classes of Credit Suisse First Boston Mortgage Securities Corp., commercial mortgage pass-through certificates, series 2003-C5. A detailed list of rating actions follows at the end of this press release.

KEY RATINGS DRIVERS

The affirmations of the distressed ratings are due to continued concerns with potential losses, most of which are a result of potential occupancy issues with the largest loan in the pool (72.2%).

As of the April 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.4% (including 2.5% of realized losses) to $19.9 million from $1.261 billion at issuance. Cumulative interest shortfalls in the amount of $4.7 million are currently affecting classes P through K.

Of the original 155 loans, six remain, one of which (6.7%) is in special servicing. The non-specially serviced loans have maturity dates in 2017 (72.2%), 2018 (13.6%), 2021 (2.8%), and 2023 (4.6%). Only three loans (18.3%) are fully amortizing and none of the remaining loans are defeased.

The largest loan in the pool, Ravine Development (72.2%), is collateralized by a 154,776 square foot (sf) suburban office building, located in Hanover Township, a suburb 15 miles northwest of Newark, NJ. The subject is fully occupied by Metropolitan Life Insurance and the scheduled lease expiration date is June 2016. The loan matures in January 2017. In January 2015, Metropolitan Life Insurance announced that a new 250,000-sf campus would be built in close proximity to this location and employees relocated upon completion of construction. Fitch will continue to monitor the construction timeline for the new building and Metropolitan Life's exit strategy for the subject. The loan is unlikely to refinance without a replacement tenant and a default at maturity is possible.

The specially serviced loan is Waynesburg Centre (6.7%), a 44,688-sf retail center located 11 miles southeast of Canton, Ohio. The property currently lists five suites comprising of 62% of the net rentable area (NRA) as vacant. The special servicer continues to evaluate disposition options after a planned sale in early 2015 did not close.

RATINGS SENSITIVITIES

The ratings are expected to remain distressed due to the possibility of losses given the largest loan's potential issues to the exit of the tenant. Given the size of the loan, upgrades to class J are possible only with additional information on leasing at the property. Further downgrades to J and K are possible if expected losses increase or losses higher than currently expected are realized.

Fitch has affirmed the following classes:

--$9.3 million class J at 'CCCsf'; RE100%;

--$6.3 million class K at 'CCsf'; RE80%;

--$4.2 million class L at 'Dsf'; RE 0%;

--$0 million class M at 'Dsf'; RE0%;

--$0 million class N at 'Dsf'; RE0%;

--$0 million class O at 'Dsf'; RE0%.

Classes A-1, A-2, A-3, A-4, A-1-A, B, C, D, E, F, G, and, H have paid in full. Fitch does not rate the class P. Classes A-SP and A-X are previously withdrawn.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

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

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983505

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
Jay Bullie
Associate Director
+1-312-368-2079
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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