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5 年前
TEXT-Fitch affirms Morgan Stanley 1999-FNV1
2012年5月11日 / 晚上8点08分 / 5 年前

TEXT-Fitch affirms Morgan Stanley 1999-FNV1

May 11 - Fitch Ratings affirms Morgan Stanley Capital I Inc., commercial
mortgage pass-through certificates, series 1999-FNV1, as follows:	
	
--$5.9 million class H at 'BBBsf'; Outlook Stable;	
--$9.5 million class J at 'BB-sf'; Outlook Stable;	
--$7.9 million class K at 'Csf'/RE 90%.	
	
Classes L, M, and, N remain at 'Dsf'/RE 0% due to losses incurred.	
	
As of the April 2012 distribution date, the pool's collateral balance has paid
down 96% to $24.3 million from $632.1 million at issuance. Of the five remaining
loans in the transaction, one loan is defeased (10.6%). Fitch expects minimal,
if any losses to incur from the remaining loans. The pool has incurred 4.3% in
losses to date. In addition, there is $4.2 million in outstanding unpaid
interest shortfalls to classes K through O, which Fitch believes is not likely
to be recoverable.	
	
The remaining four non-defeased loans are performing and with the master
servicer. The largest of these is a Fitch Loan of Concern, a multifamily
property in Tampa, FL (72% of the pool).	
	
Additional information on Fitch's criteria for analyzing U.S. fixed rate CMBS is
available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S.
Fixed-Rate CMBS Transactions,' which is available at 'www.fitchratings.com'
under the following headers:	
	
Structured Finance >> CMBS >> Criteria Reports	
	
Applicable Criteria and Related Research:	
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);	
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21,
2011).	
	
Applicable Criteria and Related Research:	
Global Structured Finance Rating Criteria	
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

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