Fitch Affirms Morgan Stanley 1999-FNV1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings affirms Morgan Stanley Capital I Inc., commercial mortgage pass-through certificates, series 1999-FNV1. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmation of class K reflects stable performance since Fitch's last rating action, including the high concentration of defeased collateral as two (90.2% of the pool) of the remaining three loans are defeased. The remaining non-defeased loan and one defeased loan (41.7%) mature in 2018. The other defeased loan (58.3%) has an anticipated repayment date in 2018 and final maturity in 2023.

As of the August 2016 distribution date, the pool's collateral balance has paid down over 99% to $3.2 million from $632.1 million at issuance. The pool has incurred 4% in losses to date. In addition, there are $4 million in outstanding unpaid interest shortfalls to classes L through O. No classes are currently incurring interest shortfalls; however, the remaining classes have at total of $4 million in accrued interest shortfalls.

The remaining non defeased, $315,453 fully-amortizing loan is collateralized by a mixed use property located in Houston, TX. The collateral includes and small grocery store and mobile home park. As of year-end (YE) 2015, the debt service coverage ratio was 4.30x. The loan matures in May 2018.

RATING SENSITIVITIES

Rating Outlook for class K remains stable as it is fully covered by defeased collateral and is expected to be fully repaid. The remaining classes rated 'D' will be affirmed in the future as losses have been incurred.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

Fitch affirms the following classes:

--$2.3 million class K at 'AAAsf'; Outlook Stable;

--$938,603 class L at 'Dsf'; RE 90%.

Classes M and N also are affirmed at 'Dsf'; RE 0% due to full losses already incurred. Class O, also reduced to zero due to realized losses, was not rated by Fitch. Classes A-1 through J have paid in full, and class X was previously withdrawn.

Additional information is available at www.fitchratings.com

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 01 Sep 2016)

https://www.fitchratings.com/site/re/886006

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

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

https://www.fitchratings.com/site/re/873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011877

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011877

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/20160919006321/en/

Fitch Ratings
Primary Analyst
Britt Johnson
Senior Director
+1-312-606-2341
Fitch Ratings, Inc.
70 West 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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