Fitch Upgrades ASC 1997-D5

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has upgraded one class and affirmed one class of Asset Securitization Corporation's (ASC-1997-D5) commercial mortgage pass-through certificates series 1997-D5. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade of class B-1 is due to defeasance proceeds covering the entirety of the class and continued paydown from fully amortizing loans in the transaction. According to the servicer, all litigation issues related to the transaction have closed.

As of the January 2016 distribution date, the pool's aggregate principal balance has been reduced by 99% to $25.4 million from $1.79 billion at issuance. There are 14 loans remaining out of the original 155 loans from issuance.

Of the remaining loans, 13 are fully amortizing (98%) which includes eight loans that are defeased (80.7%). Loan maturities are primarily concentrated in 2017 (75.2%). There are no delinquent or specially serviced loans.

RATING SENSITIVITIES

The Rating Outlook for class B-1 remains Stable based on defeasance proceeds coupled with continued amortization of the pool.

DUE DILIGENCE USAGE

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

Fitch upgrades the following class:

--$18.4 million class B-1 to 'AAAsf' from 'Asf'; Outlook Stable.

Fitch affirms the following class:

--$7 million class B-2 at 'Dsf'; RE 100%.

Fitch does not rate classes B-7, B-7H and A-8Z. Classes A-1A, A-1B, A-1C, A-1D, A-1E, A-2, A-3, A-4, A-5, A-6, A-7, B-3SC and interest only class A-CS1 have paid in full. Additionally, Fitch has previously withdrawn the ratings on classes B-3, B-4, B-5 and B-6 and interest only class PS-1.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=998989

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998989

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/20160203006556/en/

Fitch Ratings, Inc.
Primary Analyst
David Ro
Director
+1-312-368-3132
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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