Reuters: Financial Services and Real Estate: TEXT-Fitch upgrades 2 classes of MSDW 2000-life2

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

TEXT-Fitch upgrades 2 classes of MSDW 2000-life2 Jun 6th 2012, 17:55 Wed Jun 6, 2012 1:55pm EDT (The following statement was released by the ratings agency) June 6 - Fitch Ratings has upgraded two classes of Morgan Stanley Dean Witter Capital I Trust's (MSDW) commercial mortgage pass-through certificates, series 2000-LIFE2. A detailed list of rating actions follows at the end of this press release. The upgrades reflect increased credit enhancement as a result of paydown. As of the May 2012 distribution date, the pool's aggregate principal balance has reduced by 95.7% (including 1.8% in realized losses) to $32.9 million from $765.3 million at issuance. There are only five loans remaining, three of which (29% of the pool) are in special servicing. There are cumulative interest shortfalls in the amount of $1.6 million currently affecting classes L through P. The largest contributor to modeled losses is a 60,000 square foot (sf) office building located in Greece, NY which is a suburb 10 miles northwest of Rochester. The loan was transferred to Special Servicing in July 2010 due to imminent maturity default and became real-estate owned (REO) in January 2011. The special servicer is in the process of marketing the property for sale. The largest loan in the pool (60%) is secured by a 165,335 sf office building located in Manhattan. The property has a servicer-reported occupancy of 100% and the 2011 debt service coverage ratio (DSCR) was 2.81 times (x). The loan matures on Oct. 1, 2014. Fitch has upgraded the following classes: --$1.4 million class F to 'AAAsf' from 'A-sf'; Outlook Stable; --$3.1 million class G to 'AAAsf' from 'BBB+sf'; Outlook Stable. Fitch has affirmed the following classes as indicated: --$9.6 million class H at 'BBB-'; Outlook Stable; --$9.2 million class J at 'CCCsf'; RE 100%; --$3.1 million class K at 'CCCsf'; RE 100%; --$4 million class L to 'Csf'; RE 85%; --$2.7 million class M at 'Dsf'; RE 0%; --Class N at 'Dsf'; RE 0%; --Class O at 'Dsf'; RE 0%. Classes A-1, A-2 and B through E have paid in full. Fitch does not rate class P. Fitch previously withdrew the rating on class X. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions