OREANDA-NEWS. Fitch Ratings has affirmed all classes of CBA Commercial Assets, LLC series 2004-1. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

As of the March 2014 distribution date, 17.8% of the underlying loans are delinquent, with four loans (11.7%) in special servicing. At Fitch's last rating action, 27.6% of the underlying loans were delinquent, with eight loans (21.5%) in special servicing.

The transaction's balance has been reduced by 82.8% to \$17.6 million from \$102 million at issuance and \$20.4 million at Fitch's last rating action. The transaction is collateralized by 58 small balance commercial loans secured by multifamily, retail, office, industrial, and mixed use properties. The loans are smaller than typical CMBS loans with an average loan size of \$303,248 and historically have had higher loss severities than CMBS conduit loans. Fitch receives limited reporting of operating performance on the loans.

The pool has experienced 9.8% in realized losses; Fitch modeled losses of 13.1% of the remaining pool which assumes a 60% loss severity for the currently delinquent loans. The loss severity assumption is based upon the average loss experienced on recent dispositions of loans in the pool.

RATING SENSITIVITIES

Future upgrades are not likely given the lack of loan level operating performance reporting. Should delinquencies and/or losses increase, downgrades may be warranted in the future.

Fitch affirms the following classes as indicated:

--\$5.5 million class A-1 at 'Bsf'; Outlook Stable;
--\$2.4 million class A-2 at 'Bsf'; Outlook Stable;
--\$1.3 million class A-3 at 'Bsf'; Outlook Stable;
--\$2.9 million class M-1 at 'Csf'; RE 100%;
--\$3.6 million class M-2 at 'Csf'; RE 90%;
--\$1.9 million class M-3 at 'Dsf'; RE 0%.
--\$0.8 million class M-5 at 'Dsf'; RE 0%.

Classes M-4, M-6, M-7, and M-8 are not rated by Fitch. Fitch had previously withdrawn the rating of the interest-only class I/O.