Fitch Affirms COMM 2000-C1
--\$3.2 million class G notes at 'CCCsf'; RE 100%;
--\$6.4 million class H notes at 'Dsf'; RE 60%;
--Class J notes at 'Dsf'; RE 0%;
--Class K notes at 'Dsf'; RE 0%;
--Class L notes at 'Dsf'; RE 0%;
--Class M notes at 'Dsf'; RE 0%;
--Class N notes at 'Dsf'; RE 0%.
KEY RATING DRIVERS
The affirmations of the notes reflect the concentration risk with only two loans remaining, of which the largest represents 99% of the pool. The pool has experienced \$45.2 million (5% of the original pool balance) in realized losses to date.
As of the March 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.9% to \$10.1 million from \$897.9 million at issuance. Interest shortfalls are currently affecting the class H through O notes.
The largest loan remaining in the pool is a 147,000 square foot retail property located in Bloomingdale, IL. The collateral is a Carson Pirie Scott store located within a mall that has six anchor tenants. The lease expires in January 2024, which is co-terminus with the loan's maturity. The debt service coverage ratio was 1.0x as of September 2014.
RATING SENSITIVITIES
No upgrades are expected due to the concentrated nature of the remaining collateral. The class G may be subject to downgrades if the performance of the underlying collateral declines.
Fitch does not rate the class O notes and previously withdrew the ratings on the X notes. Classes A-1, A-2, B, C, D, E, and F notes have paid in full.
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