Fitch Affirms COMM 2000-C1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed seven classes of COMM Mortgage Trust commercial mortgage pass-through certificates, series 2000-C1, as indicated:

--$3.2 million class G notes at 'CCCsf'; RE 100%;

--$6.4 million class H notes at 'Dsf'; RE 60%;

--Class J notes at 'Dsf'; RE 0%;

--Class K notes at 'Dsf'; RE 0%;

--Class L notes at 'Dsf'; RE 0%;

--Class M notes at 'Dsf'; RE 0%;

--Class N notes at 'Dsf'; RE 0%.

KEY RATING DRIVERS

The affirmations of the notes reflect the concentration risk with only two loans remaining, of which the largest represents 99% of the pool. The pool has experienced $45.2 million (5% of the original pool balance) in realized losses to date.

As of the March 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.9% to $10.1 million from $897.9 million at issuance. Interest shortfalls are currently affecting the class H through O notes.

The largest loan remaining in the pool is a 147,000 square foot retail property located in Bloomingdale, IL. The collateral is a Carson Pirie Scott store located within a mall that has six anchor tenants. The lease expires in January 2024, which is co-terminus with the loan's maturity. The debt service coverage ratio was 1.0x as of September 2014.

RATING SENSITIVITIES

No upgrades are expected due to the concentrated nature of the remaining collateral. The class G may be subject to downgrades if the performance of the underlying collateral declines.

Fitch does not rate the class O notes and previously withdrew the ratings on the X notes. Classes A-1, A-2, B, C, D, E, and F notes have paid in full.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'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=754389

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=981903

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 Surveillance Analyst
Daniel Anderson
Associate Director
+1-312-606-2305
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
R. Brook Sutherland
Senior Director
+1-312-606-2346
or
Media Relations
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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