Fitch Takes Various Actions on LB-UBS Commercial Mortgage Trust 2003-C5

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has upgraded one class and downgraded three distressed classes of LB-UBS commercial mortgage trust pass-through certificates series 2003-C5. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Since the last rating action in May 2015, two loans were disposed. The upgrade to class K reflects that the class is fully supported by the sole remaining loan, which is defeased. The loan has an anticipated repayment date (ARD) of April 2018. The downgrades to classes L through N reflect the losses incurred to the classes following the disposition of the largest, specially serviced asset in July 2015.

As of the August 2015 distribution date, the pool's aggregate principal balance has been reduced by 99.4% to $8.9 million from $1.4 billion at issuance. The pool has experienced $42.3 million (3% of the original pool balance) in realized losses to date.

RATING SENSITIVITIES

The Rating Outlook on class K was revised to Stable from Negative due to full repayment supported by the remaining defeased collateral (100%). The rating on class K will be capped at 'Asf' for any future rating actions due to previous interest shortfalls (see 'Criteria for Rating Caps and Limitations in Global Structured Finance Transactions', dated May 28, 2014, for more details).

DUE DILIGENCE USAGE

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

Fitch has upgraded the following class:

--$14 million class K to 'Asf' from 'BBsf'; Outlook Stable from Negative.

Fitch has downgraded the following classes:

--$6.9 million class L to 'Dsf' from 'Csf'; RE 0%;

--$0 million class M to 'Dsf' from 'Csf'; RE 0%;

--$0 million class N to 'Dsf' from 'Csf'; RE 0%.

Fitch does not rate classes P, Q, S, and T and classes A-1, A-2, A-3, A-4, B, C, D, E, F, G, H and X-CP have paid in full. Fitch previously withdrew the rating on the interest-only class X-CL certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 28 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781

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

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

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989777

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989777

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/20150821005486/en/

Fitch Ratings
Primary Analyst
Tiffany Pierce
Associate Director
+1-212-908-9107
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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