Fitch Affirms Providence Place Mall Pass-Through Certificates

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed two classes of Providence Place Group Limited Partnership, Providence Place Mall pass-through certificates. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERSThe certificates are secured by a payments in lieu of taxes (PILOT) 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.

Class A-1 is scheduled to pay off at the next semi-annual payment in July 2016. Class A-2, which had negative amortization through the January 2016 payment date, will begin amortizing as of the July 2016 payment with scheduled maturity in July 2028. The mall is sponsored by General Growth Properties (GGP), a publicly-traded retail REIT and is anchored by a Nordstrom and Macy's.

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

DUE DILIGENCE USAGENo third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

--$355,492 class A-1 at 'AAAsf'; Outlook Stable;--$36.48 million class A-2 at 'AAAsf'; Outlook Stable.

Additional information is available at www.fitchratings.com.

Applicable CriteriaGlobal Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Additional DisclosuresDodd-Frank Rating Information Disclosure Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1001399Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1001399Endorsement Policyhttps://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160323006507/en/

Fitch Ratings
Jeffrey Diliberto
Director
+1-312-368-3268
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Christopher Bushart
Senior Director
+1-212-908-0606
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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