Fitch Upgrades 3 Classes of WAMU 2003-C1; Assigns Outlooks
Last update: 2:55 p.m. EDT Oct. 21, 2008
NEW YORK, Oct 21, 2008 (BUSINESS WIRE) -- Fitch Ratings has upgraded and assigned Outlooks to three classes of Washington Mutual Asset Securities Corporation (WAMU) commercial mortgage pass-through certificates, series 2003-C1, as follows:
--$5.7 million class G to 'AAA' from 'AA+'; Outlook Stable;
--$2.9 million class H to 'AA+' from 'AA'; Outlook Stable;
--$5.7 million class J to 'A' from 'A-'; Outlook Stable.
In addition, Fitch has affirmed and assigned Outlooks to the following classes:
--$99.7 million class A at 'AAA'; Outlook Stable;
--$11.4 million class B at 'AAA'; Outlook Stable;
--Interest-only class X-1 at 'AAA'; Outlook Stable;
--$2.9 million class C at 'AAA'; Outlook Stable;
--$12.9 million class D at 'AAA'; Outlook Stable;
--$2.9 million class E at 'AAA'; Outlook Stable;
--$4.3 million class F at 'AAA'; Outlook Stable;
--$4.3 million class K at 'BBB+'; Outlook Stable;
--$1.4 million class L at 'BBB-'; Outlook Stable;
--$2.9 million class M at 'BB+'; Outlook Stable;
--$2.9 million class N at 'B+'; Outlook Stable;
--$1.4 million class O at 'B-'; Outlook Stable.
Fitch does not rate the $5.7 million class P certificates.
The rating upgrades reflect the increased subordination due to scheduled amortization and pay down of 20.9% since Fitch's last rating action. Rating Outlooks reflect the likely direction of any rating changes over the next one to two years.
As of the September 2008 distribution date, the pool's aggregate certificate balance has decreased 71% to $166.9 million from $574.8 million at issuance. Of the original 216 loans, 82 remain in the transaction and the average loan size is approximately $2 million. There are currently no delinquent or specially serviced loans.
The accelerated pay down is due to the pool's composition of seasoned loans and shorter weighted average remaining amortization schedules than typical conduit transactions.
Of the remaining 82 loans, Fitch has identified nine Loans of Concern (12.0%). Mortgage coupons for these loans range from 6.16% to 8.9%. The largest loan of concern (3.6%) is secured by a 70,200 square foot office building in Manhattan. Servicer reported occupancy as of June 2008 was 62% with a debt service coverage ratio (DSCR) of 1.34 times (x).
In addition, two loans (1.0%) were scheduled to mature in September 2008 and October 2008, respectively, and have both paid in full.
The largest remaining loan (10.3%), Center Pointe Plaza, is secured by an anchored retail center in Christiana, DE. The servicer reported DSCR as of year-end (YE) 2007 was 1.44x. The loan is scheduled to mature in 2014.
The second largest loan (9.5%), Palmer Park Mall, is secured by a regional mall property in Easton, PA, and is scheduled to mature in January 2009. Servicer reported DSCR as of March 2008 was 2.01x. The mall's largest tenant, Boscov's, is not scheduled for closing under the company's reorganization.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
SOURCE: Fitch Ratings
Fitch Ratings, New York
Jeffrey Diliberto, 212-908-9173
Adam Fox, 212-908-0869
or
Media Relations:
Sandro Scenga, 212-908-0278
Email: sandro.scenga@fitchratings.com
Copyright Business Wire 2008
