Fitch Ratings positively evaluates Morgan Stanley Capital, Inc.’s commercial mortgage pass-through certificates, series 1997-WF1.The company receives stable outlooks in several categories.
Fitch has upgraded the following class:
-$8.4 million class H to ‘AAA’ from ‘AA-‘; Outlook Stable.
Fitch has also affirmed classes mentioned below:
-Interest-only (IO) class X-1 at ‘AAA’; Outlook Stable;
-$797,784 class G at ‘AAA’; Outlook Stable;
-$8.4 million class J at ‘B’; Outlook Stable.
Classes A-1, A-2, X-2, B, C, D, E and F have been paid in full. The Stable Outlooks reflect the unlikely movement of any ratings over the next one to two years. Fitch does not rate the $2.9 million class K.
As of the November 2008 distribution date, the pool’s aggregate collateral balance has been reduced 96.3% to $20.5 million from $559.2 million at issuance. Of the original 126 loans, only nine remain. The remaining pool is comprised of 32% retail, 28.3% office, 25.7% hotel and 14% multifamily properties.Stable performance and additional pay down resulted in upgrade of the company.
The weighted average debt service coverage ratio for the remaining loans is 2.11 times (x) and eight (72.8%) of the nine remaining loans are fully amortizing. The weighted average coupon for the remaining loans is 8.771%. No loans mature until November 2011.
The largest loan (29.8%) is collateralized by an office property in Madison, WI. Occupancy as of 31 December 2007, has remained stable at 100% since issuance.
The second largest loan (27.1%) is collateralized by a hotel in San Diego, CA. As of 31 December 2007, occupancy is 78% compared to 86.4% at issuance.
The third largest loan (15.3%) is collateralized by a retail property in Phoenix, AZ. Occupancy as of 31 December 2007, has remained stable at 100% since issuance.
L.D.