Fitch Ratings has downgraded and assigned a Recovery Rating (RR) to class J of Morgan Stanley Capital I, Inc.'s commercial mortgage pass-through certificates, series 1997-HF1, as follows:
--$1.3 million class J to 'D/RR6' from 'CCC'.
Additionally, Fitch has affirmed and assigned a Rating Outlook to class X as noted below:
--Interest-only (IO) class X at 'AAA'; Outlook Stable.
The downgrade is the result of losses incurred from liquidated loans since last rating action. As of the February distribution date, the pool's collateral balance has been reduced 99.8% to $1.2 million from $618.4 million at issuance.
Only two loans remain the trust. The largest, Lariat Properties (86.8%) is secured by three crossed retail properties located in Eden Prairie, Minnesota and matures in 2012. The other loan, Colonial Self Storage (13.2%) is secured by a self-storage facility in Wixom, Michigan and matures in 2011.
Additional information on Fitch's amended criteria for analyzing recent vintage U.S. CMBS is available in the following report available at www.fitchratings.com
--'Surveillance Methodology for Recent Vintage U.S. CMBS' (July 7, 2009).
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at www.fitchratings.com
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Fitch Ratings, New York
Adam Fox, +1-212-908-0869
Sal
Fuschetto, +1-212-908-9166
or
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(Media Relations)
sandro.scenga@fitchratings.com
