Fitch Affirms Beckman Coulter Net Lease Pass-through Certificates BC 2000-A

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings affirms the rated class of Beckman Coulter, Inc., series BC 2000-A. A list of rating actions follows at the end of this release.

KEY RATINGS DRIVERS

The affirmation is the result of stable performance at the two collateral properties and the ability of lease payments to cover the property's debt service. The sole tenant at both properties, Danaher Corporation, is an investment grade-rated entity that operates five distinct business segments which specialize in the manufacturing, design, and marketing of products and services focused in the life sciences industry.

As of the April 2015 distribution date, the pool's aggregate certificate balance has decreased 30.5% to $76.2 million from $109.7 million at issuance. The loans mature Nov. 15, 2018 and have a weighted-average coupon of 7.5%.

The loans are secured by two single-tenant office/research and development facilities, located in Brea, CA and Miami, FL, comprising a total of approximately 1.1 million square feet. Each property is subject to a triple net lease in which the tenant is obligated to remit rental payments at a rate reflecting an amount equal to the loan's principal and interest payments. The leases expire within one month of the loan's maturity date of June 30, 2018. Assuming no defaults or prepayments, the combined balance of the loans at maturity is expected to be approximately $53.1 million ($46 per square foot).

The loan remains current on its principal and interest payments. As part of its analysis, Fitch took the current in-place rents with an adjustment for market vacancy, management fees, and assumed capital expenditures and leasing costs in order to derive a normalized operating cash flow. The resulting stressed debt service coverage ratio, which gives credit for amortization and is based upon Fitch's stressed cash flow and a debt service constant of 9.66%, is 1.77x.

RATINGS SENSITIVITIES

Due to amortization and stable performance, the loan continues to de-leverage. The Stable Outlook reflects that no rating changes are expected, as the properties' leases expire within one month of the loan's maturity. Future upgrades are possible if information becomes available on lease renewal. Due to the continued amortization and de-levering of the loan, downgrades are not expected.

Fitch has affirmed the following rating:

--$76.2 million class A at 'BBsf'; Outlook Stable.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Mar. 20, 2015).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983507

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

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Agilyx ASA: ADRs begin trading today on the USA's OTCQX market
• Workers Choose People Over AI at Hiring's Most Critical Moments, New Staffmark Group Research Finds
• Revived Smiles Broadens Access to Custom Partial Dentures With New Financing Option