OREANDA-NEWS. Fitch Ratings affirms the rated class of Beckman Coulter, Inc., series BC 2000-A. A list of rating actions follows at the end of this release.

KEY RATINGS DRIVERS

The affirmation is the result of stable performance at the two collateral properties and the ability of lease payments to cover the property's debt service. The sole tenant at both properties, Danaher Corporation, is an investment grade-rated entity that operates five distinct business segments which specialize in the manufacturing, design, and marketing of products and services focused in the life sciences industry.

As of the April 2015 distribution date, the pool's aggregate certificate balance has decreased 30.5% to \$76.2 million from \$109.7 million at issuance. The loans mature Nov. 15, 2018 and have a weighted-average coupon of 7.5%.

The loans are secured by two single-tenant office/research and development facilities, located in Brea, CA and Miami, FL, comprising a total of approximately 1.1 million square feet. Each property is subject to a triple net lease in which the tenant is obligated to remit rental payments at a rate reflecting an amount equal to the loan's principal and interest payments. The leases expire within one month of the loan's maturity date of June 30, 2018. Assuming no defaults or prepayments, the combined balance of the loans at maturity is expected to be approximately \$53.1 million (\$46 per square foot).

The loan remains current on its principal and interest payments. As part of its analysis, Fitch took the current in-place rents with an adjustment for market vacancy, management fees, and assumed capital expenditures and leasing costs in order to derive a normalized operating cash flow. The resulting stressed debt service coverage ratio, which gives credit for amortization and is based upon Fitch's stressed cash flow and a debt service constant of 9.66%, is 1.77x.

RATINGS SENSITIVITIES

Due to amortization and stable performance, the loan continues to de-leverage. The Stable Outlook reflects that no rating changes are expected, as the properties' leases expire within one month of the loan's maturity. Future upgrades are possible if information becomes available on lease renewal. Due to the continued amortization and de-levering of the loan, downgrades are not expected.

Fitch has affirmed the following rating:

--\$76.2 million class A at 'BBsf'; Outlook Stable.