Reuters: Financial Services and Real Estate: TEXT-Fitch affirms Morgan Stanley 2004-IQ7

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TEXT-Fitch affirms Morgan Stanley 2004-IQ7 Jun 1st 2012, 17:22 Tweet Share this Email Print Related Topics Stocks » Bonds News » Bonds » Markets » Mutual Fund Center » ETFs News » Financials » Fri Jun 1, 2012 1:22pm EDT June 1 - Fitch Ratings affirms 14 classes of Morgan Stanley Capital I Trust commercial mortgage pass through certificates, series 2004-IQ7. A detailed list of rating actions follows at the end of this press release. The affirmations reflect the stable performance of the pool and minimal expected losses. The Positive Outlooks reflect increased credit enhancement to the classes as a result of paydown and defeasance. The Negative Outlooks reflect concerns related to loans with single-tenant exposure coupled with several thin subordinate tranches. Any incurred losses will be absorbed by the non-rated class O. As of the May 2012 distribution date, the pool's certificate balance has paid down 22% to $673.6 million from $863 million at issuance. There are 116 remaining loans from the original 129 loans at issuance. Of the remaining loans, 10 loans (25.8%) have defeased. Fifty seven loans (18.8%) are backed by multifamily cooperative (co-op) properties. Fitch has identified 13 loans as Fitch loans of concern (5.39%), which includes two specially serviced loans (2.06%). Fitch affirms and revises Recovery Estimates to the following classes as indicated: --$20.8 million class A-3 at 'AAAsf'; Outlook Stable; --$550.5 million class A-4 at'AAAsf'; Outlook Stable; --$29.1 million class B at 'AAsf'; Outlook Positive; --$22.7 million class C at 'Asf'; Outlook Positive; --$6.8 million class D at 'A-sf'; Outlook Stable; --$9.4 million class E at 'BBB+sf'; Outlook Stable; --$5.4 million class F at 'BBBsf'; Outlook Stable; --$4.3 million class G at 'BBB-sf'; Outlook Stable; --$5.4 million class H at 'BBsf'; Outlook Stable; --$4.3 million class J at 'Bsf'; Outlook Negative; --$2.2 million class K at 'B-sf'; Outlook Negative; --$2.2 million class L at 'CCCsf'; RE 100%; --$2.2 million class M at 'CCCsf'; RE 100%; --$2.2 million class N at 'CCCsf'; RE 100%. Fitch does not rate class O. Classes A-1 and A-2 have paid in full. Additionally, Fitch previously withdrew the ratings of the interest only classes X-1 and X-Y (For additional information, see 'Fitch Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities', dated June 23, 2010.) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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