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Fitch Affirms Protective Life 2007-PLFitch Ratings has affirmed 19 classes of Protective Finance Corporation REMIC 2007-PL commercial mortgage pass-through certificates. A full list of rating actions follows at the end of this release. KEY RATING DRIVERS The affirmations are due to the transaction's overall stable performance. As of the May 2015 distribution date, the pool's aggregate principal balance has been reduced by 60% to $408.9 million from $1.02 billion at issuance. There are currently 124 loans remaining of the original 199. No loans are defeased. There are currently no loans in special servicing. Interest shortfalls are currently affecting class S. Approximately 99% of the pool is fully amortizing. The transaction has a high concentration of retail properties (68%) which include single tenant exposure. Upcoming maturities are minimal through 2017 with the larger maturity concentrations in 2025 (13%), 2026 (15%), and 2027 (11%). The largest loan of concern (1.2%) of the pool is secured by a retail property located in Cape Carteret, NC. The most recently reported debt-service coverage ratio as of year-end (YE) 2013 is -0.09x down from 1.09x as of YE 2012. An update on performance has been requested. RATING SENSITIVITIES The Rating Outlook on classes A-4 through N remains Stable due to increasing credit enhancement and continued paydown and amortization. Upgrades to the junior classes are not likely due to the smaller class sizes, single tenant exposure and properties located in tertiary markets. DUE DILIGENCE USAGE No third party due diligence was provided or reviewed in relation to this rating action Fitch has affirmed the following ratings: --$76.7 million class A-4 at 'AAAsf'; Outlook Stable; --$32.6 million class A-1A at 'AAAsf'; Outlook Stable; --$101.6 million class A-M at 'AAAsf'; Outlook Stable; --$102.9 million class A-J at 'AAAsf'; Outlook Stable; --$5.1 million class B to 'AAAsf''; Outlook Stable; --$8.9 million class C at 'AAsf'; Outlook Stable; --$6.4 million class D at 'AA-sf'; Outlook Stable; --$7.6 million class E at 'A+sf'; Outlook Stable; --$6.4 million class F at 'Asf'; Outlook Stable; --$8.9 million class G at 'A-sf'; Outlook Stable; --$7.6 million class H at 'BBB+sf'; Outlook Stable; --$7.6 million class J at 'BBBsf'; Outlook Stable; --$8.9 million class K at 'BBsf'; Outlok Stable; --$5.1 million class L at 'Bsf'; Outlook Stable; --$2.5 million class M at 'Bsf'; Outlook Stable; --$2.5 million class N at 'B-sf'; Outlook Stable; --$2.5 million class O at 'CCCsf'; RE 100%; --$3.8 million class P at 'CCCsf'; RE 100%; --$2.5 million class Q at 'CCCsf'; RE 100%. The class A-1, A-2, and A-3 certificates have paid in full. Fitch does not rate the class S certificates. Fitch previously withdrew the rating on the interest-only class IO certificates. Additional information is available at www.fitchratings.com. Applicable Criteria Global Structured Finance Rating Criteria (pub. 31 Mar 2015) https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268 U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014) https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608 Additional Disclosures Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985509 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 (News - Alert) 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/20150528006694/en/ |
