Fitch Affirms Providence Place Mall Pass-Through Certificates

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the Providence Place Group Limited Partnership, Providence Place Mall pass-through certificates as follows:

--$4.75 million class A-1 at 'AAAsf'; Outlook Stable;

--$33.81 million class A-2 at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

The certificates are secured by a PILOT (payments in lieu of taxes) lien on the property. The PILOT payments remain current and are senior to any debt on the underlying Providence Place Mall property including ground lease or mortgage payments. Affirmations are also warranted because the ratio of maximum exposure to the property value is extremely low. The next scheduled semi-annual payment is in July 2015.

The class A-1 amortizes while the class A-2 has negative amortization until Jan. 17, 2016, when it will begin amortizing. The scheduled outstanding balance will not exceed $51.25 million (maximum exposure). The mall is sponsored by General Growth Properties (GGP), a publicly-traded retail REIT.

RATING SENSITIVITIES

The Rating Outlooks are expected to remain Stable through the term of the transaction. The transaction will benefit from additional deleveraging beginning in 2016.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 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=982610

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Fitch Ratings, Inc.
Primary Analyst
Jeffrey Diliberto
Director
+1-212-908-9173
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
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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