Fitch Downgrades and Withdraws 4 Classes of CGCMT 2006-FL2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has downgraded to 'Dsf' and subsequently withdrawn the ratings on the last remaining classes of Citigroup Commercial Mortgage Trust (CGCMT) commercial mortgage pass-through certificates, series 2006-FL2. There are no remaining assets in the transaction.

KEY RATING DRIVERS

The last remaining asset disposed as of the March 2015 distribution date. The Radisson Ambassador Plaza Hotel & Casino loan was resolved at a recovery of approximately 10% to the transaction. The asset is a 233-room, full-service hotel and approximately 15,000 square foot (sf) casino located in the Condado section of San Juan, Puerto Rico. Per the March 2015 distribution report, the principal proceeds were used to pay in full class J and partially pay off class K and RAM-1. Classes K, L, RAM-1, and RAM-2 incurred realized losses.

Fitch downgrades the following classes:

--$0 class K to 'Dsf' from 'CCsf'; RE 0% and withdrawn;

--$0 class L to 'Dsf' from 'Csf'; RE 0% and withdrawn;

--$0 class RAM-1 to 'Dsf' from 'Csf'; RE 0% and withdrawn;

--$0 class RAM-2 to 'Dsf' from 'Csf'; RE 0% and withdrawn.

The following classes originally rated by Fitch have paid in full: A-1, A-2, X-1, B, C, D, E, F, G, H, J, CAN-1, CAN-2, CAN-3, CAC-1, CAC-2, CAC-3, CNP-1, CNP-2, CNP-3, DSG-1, HFL, HGI-1, HGI-2, HMP-1, HMP-2, HMP-3, MVP, WBD-1, and WBD-2. In addition, Fitch previously withdrew the ratings on the interest-only classes X-2 and X-3.

Fitch did not rate the non-pooled classes DHC-1, DHC-2, DHC-3, DSG-2, PHH-1, PHH-2, SRL, and WPP.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 2015);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (March 20, 2015).

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982628

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.

Fitch Ratings
Primary Surveillance Analyst:
Darren Liss, +1-212-908-0753
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Britt Johnson, +1-312-606-2341
Senior Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
[email protected]

Source: Fitch Ratings

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