Fitch Affirms Banc of America Large Loan, Inc. (BALL) 2010-UBER3
--\$79,257,750* class A-4A-1 at 'AAA'; Outlook Stable;
--\$31,592,250* class A-4B-1 at 'AAA'; Outlook Stable;
--\$110,850,000** class EXCH-1 at 'AAA'; Outlook Stable;
--\$50,417,876* class A-4A-2 at 'AAA'; Outlook Stable;
--\$24,069,243* class A-4B-2 at 'AAA'; Outlook Stable;
--\$74,487,119** class EXCH-2 at 'AAA'; Outlook Stable;
--\$54,197,626* class A-4A-3 at 'AAA'; Outlook Stable;
--\$21,784,077* class A-4B-3 at 'AAA'; Outlook Stable;
--\$75,981,703** class EXCH-3 at 'AAA'; Outlook Negative;
--\$35,713,545 class A-4A-4 at 'AAA'; Outlook Stable.
Fitch does not rate the \$14,242,455 class A-4B-4, the \$49,956,000 class EXCH-4 or the residual class R.
*Exchangeable REMIC certificates
**Exchangeable certificates
KEY RATING DRIVERS
The affirmations are based increased credit enhancements of the underlying bonds on the underlying collateral. BALL 2010-UBER3 Re-Remic Trust is a resecuritization of ownership interest in four commercial mortgage-backed certificates which total \$311.3 million. The transaction consists of four re-REMIC bond groups backed by four underlying bonds. Principal and interest from the underlying commercial mortgage-backed certificates pass through to the respective senior and junior re-REMIC bonds in sequential order. Losses will be applied in reverse sequential order.
These classes are backed by four underlying bonds in four transactions, three of which are rated by Fitch:
--Banc of America Commercial Mortgage Trust 2007-3 class A-4;
--COBALT CMBS Commercial Mortgage Trust 2007-C3 class A-4;
--Wachovia Bank Commercial Mortgage Trust 2007-C33 class A-4 (not rated by Fitch) and Wachovia Bank Commercial Mortgage Trust 2007-C30 class A-4.
Fitch reviewed the underlying collateral and performed loan level stressed analysis, reflecting cash flow and value declines under the criteria described in ' U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' dated Dec. 10, 2014.
The following commercial mortgage-backed securities, in order of size, are collateral for the re-REMIC securities:
--BACM 2007-3 Commercial Mortgage Trust, class A-4 certificate: 10.9% interest in the class A-4, in the amount of \$110,850,000.
The underlying class A-4 has 35.078% credit enhancement. The underlying transaction is backed by a pool of 123 multifamily and commercial mortgage loans and has a remaining principal balance of approximately \$2.5 billion.
CWCI 2007-C3 Commercial Mortgage Trust, class A-4 certificate: 10.8% interest in the class A-4, in the amount of \$74,487,119. The underlying class A-4 has 35.899% credit enhancement, and is the most senior class in the underlying pool and receiving proceeds from principal repayment. The underlying transaction is backed by a pool of 92 multifamily and commercial mortgage loans and has a remaining principal balance of approximately \$1.4 billion.
WBCMT 2007-C33 Commercial Mortgage Trust, class A-4 certificates: 7.6% interest in the class A-4, in the amount of \$75,981,703. The underlying class A-4 has 41.404% credit enhancement, and is the most senior class in the underlying pool and receiving proceeds from principal repayment. The underlying transaction is backed by a pool of 134 multifamily and commercial mortgage loans and has a remaining principal balance of approximately \$2.4 billion.
WBCMT 2007-C30 Commercial Mortgage Trust, class A-4 certificates: 25.6% interest in the class A-4, in the amount of \$49,956,000. The underlying class A-4 has 33.281% credit enhancement. The underlying transaction is backed by a pool of are backed by a pool of 222 multifamily and commercial mortgage loans and has a remaining principal balance of approximately \$6.8 billion.
The on-going Trustee Fee is paid out of available interest on a monthly basis. If available interest is insufficient, reimbursements will roll to the next distribution date. Extraordinary trust fund expenses incurred by the trustee will be paid first out of a \$250,000 reserve and then from available interest.
RATING SENSITIVITIES
The bonds in the Re-REMIC transaction maintain Stable Outlooks as the rated classes, which are direct pass-throughs to the underlying transactions also maintain Stable Outlooks. The Stable Outlooks reflect the increased credit enhancement from continued principal paydown and stable performance of the underlying collateral. Should future downgrades occur on the underlying classes, the ratings on the Re-REMIC would also be downgraded.
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