Fitch Affirms CBA Commercial Assets Series 2004-1

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed all classes of CBA Commercial Assets, LLC series 2004-1. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

As of the March 2014 distribution date, 17.8% of the underlying loans are delinquent, with four loans (11.7%) in special servicing. At Fitch's last rating action, 27.6% of the underlying loans were delinquent, with eight loans (21.5%) in special servicing.

The transaction's balance has been reduced by 82.8% to $17.6 million from $102 million at issuance and $20.4 million at Fitch's last rating action. The transaction is collateralized by 58 small balance commercial loans secured by multifamily, retail, office, industrial, and mixed use properties. The loans are smaller than typical CMBS loans with an average loan size of $303,248 and historically have had higher loss severities than CMBS conduit loans. Fitch receives limited reporting of operating performance on the loans.

The pool has experienced 9.8% in realized losses; Fitch modeled losses of 13.1% of the remaining pool which assumes a 60% loss severity for the currently delinquent loans. The loss severity assumption is based upon the average loss experienced on recent dispositions of loans in the pool.

RATING SENSITIVITIES

Future upgrades are not likely given the lack of loan level operating performance reporting. Should delinquencies and/or losses increase, downgrades may be warranted in the future.

Fitch affirms the following classes as indicated:

--$5.5 million class A-1 at 'Bsf'; Outlook Stable;

--$2.4 million class A-2 at 'Bsf'; Outlook Stable;

--$1.3 million class A-3 at 'Bsf'; Outlook Stable;

--$2.9 million class M-1 at 'Csf'; RE 100%;

--$3.6 million class M-2 at 'Csf'; RE 90%;

--$1.9 million class M-3 at 'Dsf'; RE 0%.

--$0.8 million class M-5 at 'Dsf'; RE 0%.

Classes M-4, M-6, M-7, and M-8 are not rated by Fitch. Fitch had previously withdrawn the rating of the interest-only class I/O.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981579

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.

Fitch Ratings
Primary Analyst
Tiffany Pierce
Associate Director
+1 212-908-9107
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1 212-908-0785
or
Media Relations, New York
Sandro Scenga
+1 212-908-0278
[email protected]

Source: Fitch Ratings

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