Fitch Affirms CSFB 1999-C1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed four classes of Credit Suisse First Boston Mortgage Securities Corp. (CSFB) commercial mortgage pass-through certificates series 1999-C1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmation of class G reflects defeased collateral, which is sufficient to pay off the class. The class was not upgraded due to the possibility that losses from the one specially serviced loan could cause significant interest shortfalls in the future.

Of the original 153 loans, only three remain. One loan (23.3%) is in special servicing and the other two loans (76.8%) are defeased with maturity dates in March 2019.

As of the May 2015 distribution date, the pool's aggregate principal balance has been reduced by 97.4% to $30.1 million from $1.17 billion at issuance. There has been $82.3 million (4.8% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting classes H through O.

The specially serviced loan (23.3%) is secured by a 129,293 square foot office building located in Parsippany, NJ. The loan transferred to the special servicer in June 2013 due to imminent default, primarily the result of vacancy issues. The property's largest tenant (52% of GLA) subsequently vacated in December 2013. Current occupancy is approximately 18%. There is a receiver in place and counsel for the special servicer is moving forward with foreclosure, which is expected to take place in June 2015.

RATING SENSITIVITIES

The Rating Outlook on class G remains Stable as the class is fully covered by defeased collateral. An upgrade is possible in the future if the specially serviced loan is disposed for better than anticipated recovery. Conversely, a downgrade may be possible if the loan suffers a worse than anticipated recovery causing significant interest shortfalls to class G.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following class and revises the RE as indicated:

--$8.5 million class H at 'Dsf'; RE 15%.

Fitch has affirmed the following classes as indicated:

--$21.6 million class G at 'BBBsf'; Outlook Stable;

--$0 class J at 'Dsf'; RE 0%;

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

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

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

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

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

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985410

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150527006568/en/

Fitch Ratings
Primary Analyst:
Daniel Anderson, +1-312-606-2305
Associate Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
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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