Fitch Ratings affirms OBP Depositor LLC Trust 2010-OBP and New York Liberty Development Corporation second priority liberty revenue refunding bonds, series 2010 as follows:
--$650 million class A CMBS certificates at 'AAAsf'; Outlook Stable;
--$206.2 million class 1A Liberty Bonds at 'AAsf'; Outlook Stable;
--$145.4 million class 1B Liberty Bonds at 'AAsf'; Outlook Stable;
--$87.1 million class 2 Liberty Bonds at 'Asf'; Outlook Stable;
--$211.3 million class 3 Liberty Bonds at 'BBB-sf'; Outlook Stable.
The affirmations reflect stable performance since issuance. The transaction consists of $650 million of CMBS certificates and $650 million of subordinated nontaxable liberty bonds. The maturity of the CMBS and the nontaxable liberty bonds are not coterminous.
The rated bonds are secured by the leasehold mortgage interest in One Bryant Park, a 51-story class A office building located on the northwest corner of 42 Street and Sixth Avenue in the Midtown Manhattan submarket of New York City. The asset is owned by entities controlled by the Durst Organization (50.01%) and Bank of America (49.99%). Bank of America is the largest tenant, occupying 76.4% of the space with a lease expiration of 2028.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Criteria for Analyzing Large Loan in U.S. Commercial Mortgage Transactions' (Sept. 26, 2011).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647671
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Fitch Ratings
Brian Bertsch, +1-212-908-0549
Media Relations,
New York
brian.bertsch@fitchratings.com
or
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Analyst:
Jeffrey Diliberto, +1-212-908-9173
Director
Fitch,
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New York, NY 10004
or
Committee
Chairperson:
Karen Trebach, +1-212-908-0215
Senior Director