Fitch Upgrades 2 Classes of BSCMS 1999-WF2

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has upgraded two classes and affirmed two classes of Bear Sterns Commercial Mortgage Securities Trust (BSCMS) commercial mortgage pass-through certificates series 1999-WF2. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades reflect the increase in defeasance since Fitch's last review. Of the 25 loans remaining, 12 are defeased accounting for 67.4% of the pool balance. Class I and 94% of class J are covered by the defeased collateral. The affirmations to class K and L reflect realized losses. Fitch has not designated any of the non-defeased loans as Fitch Loans of Concern and no loans are in special servicing. All of the remaining loans are fully amortizing with maturity dates in year 2018 (57.4%) and 2019 (36.3%).

The pool has experienced $18.7 million (1.7% of the original pool balance) in realized losses to date. As of the March 2016 distribution date, the pool's aggregate principal balance has been reduced by 97.2% to $30.6 million from $1.08 billion at issuance. Interest shortfalls are currently affecting classes K through M.

The largest non-defeased loan is secured by a 46,115-square foot office property located in Mountain View, CA. According to the September 2015 rent roll, the property is 60% occupied after a GSA tenant occupying 20% of the net rentable area vacated upon their lease expiration in September 2015. The debt service coverage ratio as of year-end 2014 was reported to be 2.36x. Despite the low occupancy, the Fitch stressed loan-to-value (LTV) was calculated to be less than 20% due to the loan being fully amortizing. The loan matures in December 2018.

RATING SENSITIVITIES

The Stable Outlook on the class I and J reflect Fitch's Outlook on the rating of the U.S. government. All of class I and 94% of class J is fully covered by defeased collateral. Fitch expects both classes to remain at their current rating for the remaining life of the deal unless there is a significant performance decline to any of the non-defeased loans.

DUE DILIGENCE USAGE

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

Fitch upgrades the following classes:

--$6.9 million class I to 'AAAsf' from 'Asf'; Outlook Stable;

--$9.5 million class J to 'AAAsf' from 'BBsf'; Outlook Stable.

Fitch affirms the following classes:

--$7 million class K at 'Dsf'; RE 95%;

--$0 class L at 'Dsf'; RE 0%.

The class A-1, A-2, B, C, D, E, F, G and H certificates have paid in full. Fitch does not rate the class M certificates. Fitch previously withdrew the rating on the interest-only class X certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

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

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

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

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1001396

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1001396

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/20160323006460/en/

Fitch Ratings
Primary Analyst
Daniel Anderson
Associate Director
+1-312-606-2305
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Brook Sutherland
Senior Director
+1-312-606-2346
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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