Fitch Affirms DLJ 1998-CF2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed two classes of DLJ Commercial Mortgage Corporation's commercial mortgage pass-through certificates, series 1998-CF2. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations are due to the relatively stable performance of the remaining pool and reflect the pool's high concentration (15 loans remaining).

As of the May 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.7% to $14.3 million from $1.11 billion at issuance. Approximately 87.8% of the pool is fully amortizing. Two loans (22.5% of the pool) are defeased and no loans are in special servicing. Fitch has designated two Fitch Loans of Concern (15.9%).

The largest loan in the pool (19.4%) is collateralized by a 224-unit multifamily property located in Savannah, GA. As of year-end (YE) 2014, the property was 96.1% occupied, up from 89.7% at YE 2013. The servicer-reported debt service coverage ratio (DSCR) increased to 1.34x from 1.21x during the same period.

Each of the Fitch Loans of Concern is secured by a Super 8 hotel located in Albuquerque, NM. The servicer-reported DSCR was well below 1.0x for each property as of YE 2014.

RATING SENSITIVITIES

The Negative Outlook for Class B-5 reflects the distressed performance of the Fitch Loans of Concern, pool concentration and single tenant risk exposure (25.6%). Class B-5 could be downgraded if expected losses increase.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

--$12.9 million class B-5 at 'BB+sf'; Outlook Negative;

--$1.4 million class B-6 at 'Dsf'; RE 0%.

Classes A-1A through B-4 have paid in full. Fitch does not rate class C. Fitch previously withdrew the rating on class S.

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=986269

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/20150611006354/en/

Fitch Ratings
Tiffany Pierce, +1-212-908-9107
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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