Fitch Affirms CMAC 1998-C2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed three classes of Commercial Mortgage Acceptance Corp. (CMAC) commercial mortgage pass through certificates series 1998-C2. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The pool is concentrated with only 31 of the original 512 loans remaining; the pool has experienced stable performance and continued paydown since Fitch's last rating action. The affirmation of class J is attributable to the continued likelihood that losses will occur as there is minimal credit enhancement.

There are no specially serviced loans; however, Fitch has designated three Fitch Loans of Concern (6.4%). As of the March 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.4% to $44.9 million from $2.89 billion at issuance. Per the servicer reporting, seven loans (19.8% of the pool) are defeased. Interest shortfalls are currently affecting classes K through M.

The largest contributor to expected losses is a loan secured by a 92-unit extended care facility in Sudbury, MA (4.1%). The property experienced a flood in 2010 rendering the first floor unusable until the repairs were completed in 2012. As of September 2014, occupancy at the facility improved to 92%. 2014 financials were not available and in 2013 the property experienced a net operating loss of $154,406. Despite the underperformance of the property the loan remains current.

RATING SENSITIVITIES

Fitch affirms the following classes as indicated:

--$44.2 million class J at 'Csf'; RE 95%;

--$763,342 class K at 'Dsf'; RE 0%;

--$0 class L at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, B, C, D, E, G and H certificates have paid in full. Fitch does not rate the class F and M certificates. Fitch previously withdrew the rating on the interest-only class X certificates.

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' (March 31, 2015);

--'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=864268

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=982631

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:
Dustin Pike, +1-212-612-7875
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
[email protected]

Source: Fitch Ratings

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