OREANDA-NEWS. Fitch Ratings has upgraded three classes and affirmed the remaining classes of Wachovia Bank Commercial Mortgage Trust (WBCMT) series 2005-C20 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release

KEY RATING DRIVERS

The upgrades reflect an increase in credit enhancement and expectation of future paydown due to upcoming loan maturities and the stable performance of the underlying collateral pool.

Fitch modelled losses of 4.0% of the remaining pool; expected losses based on the original pool balance are 5.5%, of which 4.7% are losses realized to date. Fitch designated 20 as Fitch Loans of Concern (26.4%), which include four specially serviced loans (15.3%). The pool has increasing loan concentrations with only 63 of the original 211 loans outstanding. Eight loans (17.3%) are fully defeased. The remaining non-defeased loans consist of fully amortizing (0.4%), balloon maturities (95.8%), and ARD loans (3.7%). The loans' final maturity dates are in 2015 (99.4%), 2018 (0.2%), and 2020 (0.4%). Of the 2015 maturities, 23.7% are in June, 22.3% in July, and 54% are in August.

The largest contributor to Fitch modelled losses is the specially serviced \$99.9 million loan secured by the NGP Rubicon GSA Pool (13.1 of the outstanding pool balance). The portfolio consists of 10 properties, one industrial warehouse and nine office buildings, primarily occupied by federal agencies via General Service Administration (GSA) leases. Several properties are single-tenanted. Overall occupancy has declined to 88% as of January 2014, compared to 100% at the end of 2012. Two properties are now 100% vacant following GSA lease expirations, which include an 182,554-sf office building in Kansas City, KS (6% of portfolio NRA) that has been vacant since year-end 2012, and a 53,830-sf office building in Norfolk, VA (2% of portfolio NRA) that became vacant in December 2013. Leases for an additional 10% of the portfolio NRA are scheduled to mature within the next 18 months. The net operating income debt service coverage ratio (DSCR) declined to 0.85x for first quarter 2015, compared to 1.21x at year-end December 2013. The loan remains current and is scheduled to mature in June 2015.

The second largest contributor to losses is a specially serviced loan, secured by 157-unit multifamily property located in San Jacinto, CA. The loan was transferred to the special servicer in February 2015 for imminent maturity default. The property has exhibited weak operating performance since 2009. The special servicer is currently evaluating the performance of the loan and communicating with the sponsor regarding workout options. The loan is current and scheduled to mature in August 2015.

The third Fitch Loan of Concern is the specially serviced, Holiday Inn Express - Mechanicsville, VA,a 105 key limited service hotel. The subject is located in a highly competitive submarket just outside of the I-295 beltway on the northeast side of Richmond. The property was transferred to the special servicer in July 2014 for imminent monetary default. The property has underperformed compared to the competitive set for a number of years and the flag is scheduled to expire at the end of June 2015. The special servicer is in negotiations with the sponsor and is currently evaluating all options for resolution. The loan is schedule to mature in June 2015.

RATING SENSITIVITIES

The Stable Rating Outlooks on classes A-M through C reflect increasing credit enhancement and the anticipated further principal paydown of the pool balance through year-end. Further upgrades of the lower classes will be limited due to adverse selection of the remaining collateral. Upgrades are possible if the Rubicon portfolio is resolved. Further downgrades are possible if the Rubicon portfolio expected losses increase significantly, or more loans default at maturity than are currently expected.

DUE DILIGENCE USAGE

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

Fitch has upgraded the following ratings:

--\$274.8 million class A-J to 'AAAsf from 'AAsf''; Outlook Stable;
--\$77.9 million class B to 'AAsf' from 'Asf'; Outlook Stable.
--\$27.5 million class C to 'Asf' from 'BBBsf'; Outlook Stable;

Fitch has affirmed the following classes as indicated:

--\$54.7 million class A-MFL at 'AAAsf'; Outlook Stable;
--\$145.8 million class A-MFX at 'AAAsf'; Outlook Stable;
--\$68.7 million class D at 'BBsf'; Outlook Stable;
--\$41.2 million class E at 'Bsf'; Outlook to Stable from Negative;
--\$41.2 million class F at 'CCsf'; RE 90% from 100%;
--\$30.6 million class G at 'Dsf'; RE 0%;
--\$0.0 million class H at 'Dsf'; RE 0%;
--\$0.0 million class J at 'Dsf'; RE 0%;
--\$0.0 million class K at 'Dsf'; RE 0%;
--\$0.0 million class L at 'Dsf'; RE 0%;
--\$0.0 million class M at 'Dsf'; RE 0%;
--\$0.0 million class N at 'Dsf'; RE 0%;
--\$0.0 million class O at 'Dsf'; RE 0%.

Classes H through O and the unrated class P have been reduced to zero due to losses realized on loans liquidated from the trust. Classes A-1, A-2, A-3SF, A-4, A-5, A-6A, A-6B, A-PB, A-7, and A-1A have repaid in full. Fitch previously withdrew the ratings on the interest-only classes X-P and X-C.