Fitch Ratings has affirmed LB-UBS's commercial mortgage pass-through certificates, series 2005-C5, as follows:
--$59.9 million class A-1 at 'AAA';
--$347 million class A-2 at 'AAA';
--$158 million class A-3 at 'AAA';
--$76 million class A-AB at 'AAA';
--$809.5 million class A-4 at 'AAA';
--$172 million class A-1A at 'AAA';
--Interest only class X-CL at 'AAA';
--Interest only class X-CP at 'AAA';
--$234.4 million class A-M at 'AAA';
--$187.5 million class A-J at 'AAA';
--$20.5 million class B at 'AA+';
--$32.2 million class C at 'AA';
--$29.3 million class D at 'AA-';
--$23.4 million class E at 'A+';
--$29.3 million class F at 'A';
--$26.4 million class G at 'A-';
--$23.4 million class H at 'BBB+';
--$14.7 million class J at 'BBB';
--$20.5 million class K at 'BBB-';
--$8.8 million class L at 'BB+';
--$5.9 million class M at 'BB';
--$8.8 million class N at 'BB-'.
Fitch does not rate the $2.9 million class P, $5.9 million class Q, $5.9 million class S and $23.4 million class T certificates.
The rating affirmations reflect stable performance and scheduled amortization since Fitch's last rating action. As of the August 2007 remittance report, the pool's collateral balance has paid down 0.8% to $2.33 billion from $2.34 billion at issuance.
There is currently one loan (0.2%) in special servicing which is secured by a single tenant retail property in Greenwood, SC. The loan transferred to the special servicer on June 20, 2007, after the borrower filed for bankruptcy. The special servicer is marketing the property for sale. Fitch expected losses will be absorbed by the non-rated class T.
Fitch reviewed the credit assessments of 200 Park Avenue (12.3%), Providence Place Mall (11.4%), the Courtyard by Marriott Portfolio (7.7%), 1345 Avenue of the Americas (2.0%), Park Avenue Plaza (0.8%), and 9200 Mentor Avenue (0.4%). All six loans maintain their investment grade credit assessments based on their stable performance since issuance.
The collateral for the 200 Park Avenue loan (12.3%) consists of a 2.9 million square feet (sf) trophy office building located on the east side of Midtown Manhattan. As of year-end (YE) 2006, occupancy is 98% compared to 100% at issuance. The loan has two pari passu components and a junior note held outside the trust.
The Providence Place Mall loan (11.4%) is collateralized by a leasehold interest in 960,803 sf of a 1.3 million sf regional mall in Providence, RI. The mall's anchor tenants are Macy's, Nordstrom and JC Penney. Only Nordstrom is part of the collateral. As of July 30, 2007, occupancy has improved to 98.8% from 97.9% at issuance.
The Courtyard by Marriott Portfolio loan (7.7%) is secured by 9,443 rooms in 64 hotel properties located throughout the U.S. As of YE 2006, occupancy is 69% compared to 68.9% at issuance. The average daily rate has increased to $110.40 from $101.48 at issuance and revenue per available room has increased to $89.26 from $76.11 at issuance. The loan has two pari passu A notes, a junior note and a B note held outside the trust.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
