Fitch Affirms CSMC 2014-ICE

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed the ratings for all classes of Credit Suisse Commercial Mortgage Trust 2014-ICE (CSMC 2014-ICE) Commercial Mortgage Pass-Through Certificates series 2014-ICE. The Rating Outlook for all the classes is Stable. A complete list of rating actions follows at the end of this release.

The certificates represent the beneficial interest in the trust that holds a $655 million loan secured by 42 temperature-controlled warehouses located in 16 states across the U.S. The loan is sponsored by Lineage Logistics Holdings, LLC and was originated by Column Financial, Inc. and Goldman Sachs Mortgage Company. The loan has a two-year term with three one-year extension options.

KEY RATING DRIVERS

The affirmations are based on overall stable performance and partial year reporting since the transaction was issued in June 2014. The collateral represents a critical aspect of the food distribution supply chain as temperature-controlled warehouse providers are an integral component connecting food producers with their end customers. The portfolio has demonstrated resilient cash flows and occupancy levels throughout various economic cycles.

The portfolio consists of 42 properties in 16 states with the largest concentrations in Texas, Illinois, and Georgia. The largest property accounts for 9.6% of the pool (by allocated loan balance). The portfolio includes over 400 customers, with the largest representing approximately 8.4% of the 2013 total revenue and investment-grade tenants representing over 20% of the 2013 total revenue. The sponsor is the second largest global owner/operator of cold storage facilities; dominant market share minimizes pricing pressure from competition.

RATING SENSITIVITIES

The Stable Rating Outlooks indicate that rating changes are unlikely over the next one to two years. Should occupancy or portfolio cash flow deteriorate materially, downgrades are possible. Upgrades are unlikely given the relatively short loan term, specialized nature of the collateral and sponsor concentration.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following classes:

--$405 million class A at 'AAAsf'; Outlook Stable;

--$405 million class X1-CP* at 'AAAsf'; Outlook Stable;

--$405 million class X1-NCP* at 'AAAsf'; Outlook Stable;

--$250 million class X2-CP* at 'BBB-sf'; Outlook Stable;

--$250 million class X2-NCP* at 'BBB-sf'; Outlook Stable;

--$95 million class B at 'AA-sf'; Outlook Stable;

--$71 million class C at 'A-sf'; Outlook Stable;

--$84 million class D at 'BBB-sf'; Outlook Stable.

* Interest-only class X1-CP and X1-NCP are equal to the notional balance of class A. Interest-only class X2-CP and X2-NCP are equal to the notional balance of class B, class C, and class D.

Additional information is available at www.fitchratings.com.

Applicable Criteria

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

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862818

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

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

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985906

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150604006433/en/

Fitch Ratings
Primary Analyst:
R. Brook Sutherland, +1-312-606-2346
Senior Director
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
[email protected]

Source: Fitch Ratings

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