OREANDA-NEWS. Fitch Ratings has affirmed the ratings and Rating Outlooks for 1345 Avenue of the Americas and Park Avenue Plaza Trust, series FB 2005-1 commercial mortgage pass-through certificates as follows:

--\$85.3 million class A-2 at 'AAAsf'; Outlook Stable;
--\$364.1 million class A-3 at 'AAAsf'; Outlook Stable;
--\$26 million class B at 'AAsf'; Outlook Stable;
--\$27.7 million class C at 'AA-sf'; Outlook Stable;
--\$10 million class D at 'A+sf'; Outlook Stable;
--\$18.5 million class E at 'Asf'; Outlook Stable;
--\$17.2 million class F at 'A-sf'; Outlook Stable.

Fitch previously withdrew the rating on the interest-only class X.

KEY RATING DRIVERS

The rating affirmations reflect stable performance of the underlying properties since Fitch's last rating action. Although the total debt has paid down since issuance, there has been no pay down to the trust certificates since issuance, and no amortization is expected until late 2015. As of the April 2015 distribution date, the pool's aggregate certificate balance remained at \$548.7 million. The trust loans are scheduled to mature in 2025.

RATING SENSITIVITIES

The Rating Outlooks are expected to remain Stable as the collateral is performing as anticipated. In addition, the transaction will not benefit from amortization until later in 2015. Upgrades may be possible in the future as the loans amortize and tenants continue to renew and extend leases.

The 1345 Avenue of Americas loan has interest-only payments for the first two years and the final three years of its approximately 20-year loan term. Principal and interest payments commenced in August 2007. The Park Avenue Plaza loan has interest-only payments for the first two and half years and final three years of its 20-year loan term. Principal and interest payments commenced in February 2008. The principal portion of monthly debt service payments is directed first to the 1-A1 and 1-A2 notes, which are securitized outside of this trust and are expected to be repaid in full by August 2015. Class A-2 in this trust will receive principal payments once the 1-A1 and 1-A2 notes have been repaid in full. The trust has a standard sequential-pay structure.

This certificates are backed by two office properties located in Midtown Manhattan: 1345 Avenue of Americas (79.5% of the outstanding trust balance), and Park Avenue Plaza (20.5%).

The 1345 Avenue of Americas loan is collateralized by a 1.9 million square foot (sf) class 'A' office building. The collateral also includes the Ziegfeld Theater, a 19,844 sf motion picture theater; a three-level, subterranean 341-space parking garage; and a 40 space parking lot. As of the servicer provided September 2014 rent roll, the property was 99.7% leased, compared with 96% at issuance. The largest tenant at the property is AllianceBernstein, L.P. (rated 'A+', Outlook Stable by Fitch), which leases approximately 53% of the total net rentable area (NRA) through 2019. The landlord has a unilateral option to extend the lease on the majority of AllianceBernstein's space (approximately 46% of the NRA) for five years. Other major tenants include Linklaters LLP (14.5%), PIMCO Advisors L.P. (13% of the NRA, a portion of which will be extended to 2031).

For the nine months ended Sept. 30, 2014, the Fitch stressed debt service coverage ratio (DSCR) for the 1345 Avenue of the Americas loan was 1.65 times (x), compared with 1.30x at issuance. The Fitch stressed DSCR is calculated using the whole debt stack of \$641 million, which includes both trust and non-trust A and B note components, as well as the non-trust C note component.

The Park Avenue Plaza loan is collateralized by a 1.1 million sf class 'A' office building. As of the servicer provided September 2014 rent roll, the property was 99.9% leased. Major tenants include BlackRock, Inc. (29% of NRA), Aon Service Corporation (23%) and McKinsey & Company Inc. (20%).

The Fitch stressed DSCR for the Park Avenue Plaza loan was 3.00x for the nine months ended Sept. 30, 2014. Cash flow has improved at the property since Fitch's last rating action. In addition, the two largest tenants are on long-term leases with future rent bumps. The Fitch stressed DSCR is calculated using the trust and non-trust A and B note components in the amount of \$214.5 million.