OREANDA-NEWS. Fitch Ratings has affirmed 12 classes of WAMU Commercial Mortgage Securities Trust commercial mortgage pass-through certificates series 2007-SL2. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The affirmations are the result of sufficient credit enhancement due to scheduled amortization and paydown. Although credit enhancement is high compared to other mulitborrower transactions, upgrades are not warranted at this time due to the small balance nature of the loans, which have higher loss severities than traditional loans, the lack of operating performance on many of the loans, increasing concentrations, as well as the small size of the junior classes. There have been \$23.4 million (2.8% of the original pool balance) in realized losses to date. Fitch has designated 66 loans (25.2%) as Fitch Loans of Concern, which includes 11 specially serviced assets (4.7%).

As of the May 2015 distribution date, the pool's aggregate principal balance has been reduced by 67.6% to \$272.6 million from \$842.1 million at issuance. No loans are defeased. Interest shortfalls are currently affecting classes G through N.

The largest contributor to expected losses is a real estate owned (REO) asset (1.2% of the pool) that consists of a 26,872 square foot (sf) mixed use property located in Lynbrook, NY. The loan had transferred to the special servicer in June 2010 due to payment default and became REO is October 2014. The property is being repositioned with new tenants before being put on the market. The special servicer indicates that it is expected to be on the market by the end of summer 2015.

The next largest contributor to expected losses is secured by a 47,726 sf retail property (0.6% of the pool) located in San Dimas, CA. The property was formerly 100% leased to a furniture store. However, occupancy has decreased to 40% as of March 2015 with the only tenant being an indoor trampoline park. The servicer also reports that there is a tax delinquency on the property and will contact the borrower for updates.

The third largest contributor to expected losses is secured by a 50 unit multi-family property (0.7% of the pool) located in Marysville, CA, which is roughly 40 miles north of Sacramento. Occupancy was reported to be 90% as of March 2015 and the debt service coverage ratio was reported at 0.59x as of December 2014. The borrower hopes to improve cash flow at the property by continuing to increase occupancy.

RATING SENSITIVITIES
The Rating Outlook on class A1A remains Stable due to the class seniority and expected continued paydown. The Rating Outlook on class B remains Stable due to increasing credit enhancement; Fitch does not expect this class to be upgraded due to the thinness of the class sizes below A1A. Downgrades to the already distressed classes are likely as losses are realized.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes:

--\$178.2 million class A1A at 'BBB-sf'; Outlook Stable;
--\$17.9 million class B at 'BBsf'; Outlook Stable;
--\$25.3 million class C at 'CCCsf'; RE 100%;
--\$16.8 million class D at 'CCsf'; RE 100%;
--\$6.3 million class E at 'Csf'; RE 35%;
--\$7.4 million class F at 'Csf'; RE 0%;
--\$13.7 million class G at 'Csf'; RE 0%;
--\$4.2 million class H at 'Csf'; RE 0%;
--\$2.8 million class J at 'Dsf'; RE 0%;
--\$0 class K at 'Dsf'; RE 0%;
--\$0 class L at 'Dsf'; RE 0%;
--\$0 class M at 'Dsf'; RE 0%.

The class A certificates have paid in full. Fitch does not rate the class N certificates. Fitch previously withdrew the rating on the interest-only class X certificates.