Fitch Affirms Commercial Mortgage Asset Trust Series 1999-C2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed one class of Commercial Mortgage Asset Trust, commercial mortgage pass through certificates series 1999-C2. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation reflects that the class F notes are covered by defeased collateral. There are four loans remaining in the pool, three of which are defeased (87.8%). As of the October 2015 distribution date, the pool's aggregate principal balance has been reduced by 96% to $30.6 million from $775.2 million at issuance. The pool has experienced $61 million (8% of the original balance) in losses to date. Interest shortfalls are currently affecting classes H through Q2.

The only non-defeased loan in the pool (12.2%) is collateralized by a 64,247 square foot Regal Cinema located in Medina, OH. There are no other major theatres is the Medina area. As of December 2014, net operating income debt service coverage ratio (NOI DSCR) was 1.26x.

RATING SENSITIVITIES

The Stable Outlook is reliant on Fitch's outlook on the rating for the United States of America.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following class:

--$4 million class F at 'AAAsf'; Outlook Stable.

Fitch does not rate classes G, H, J, K, L, M, N, Q1 and Q2. Classes A-1, A-2, A-3, CS-1, B, C, D, and E notes have paid in full. Fitch previously withdrew class X.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=995259

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=995259

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/20151124005947/en/

Fitch Ratings
Primary Analyst
Catherine Barbieri
Associate Director
+1-212-908-0638
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Karen Trebach
Senior Director
+1-212-908-0215
or
Media Relations
Sandro Scenga, +1-212-908-0278,
[email protected]

Source: Fitch Ratings

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