OREANDA-NEWS. Fitch Ratings has affirmed 17 classes of Morgan Stanley Capital I Trust 2007-TOP25 (MSCI 2007-TOP25) commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
Fitch modeled losses of 8.7% of the remaining pool; expected losses on the original pool balance total 12.4%, including $88.8 million (5.7% of the original pool balance) in realized losses to date. Fitch has designated 50 loans (32.3%) as Fitch Loans of Concern, which includes six specially serviced assets (2.8%). Approximately 42% of the pool consists of loans secured by retail properties.

As of the June 2015 distribution date, the pool's aggregate principal balance has been reduced by 22.4% to $1.21 billion from $1.55 billion at issuance. Per the servicer reporting, 13 loans (8.4% of the pool) are defeased. Interest shortfalls are currently affecting classes D through P.

The largest contributor to expected losses is the Shoppes at Park Place loan (5.9% of the pool), which is secured by a 325,000 sf retail center located in Pinellas Park, FL. As of the December 2014 rent roll, the property was 100% occupied. However, nearly half of the total property square footage has lease expirations prior to the loan's maturity in January 2017. Further, the average current rent at the property is above market levels.

The next largest contributor to expected losses is the One Thomas Circle loan (4.6%), which is secured by a 229,659-sf office building in the East End submarket of Washington, D.C. As of the March 2015 rent roll, the property was only 69.6% occupied (compared with 91.4% March 2014) after losing its third largest tenant at lease expiration in September 2014. Approximately 18% of the tenancy rolls over the next year. The servicer reported a YE 2014 DSCR of 0.99x.

RATING SENSITIVITIES
Rating Outlooks on classes A-1A and A-3 remain Stable due to increasing credit enhancement and continued pay down. The Rating Outlook on class AM remains Negative due to the possibility of further negative credit migration of the underlying collateral. The distressed classes are subject to further downgrade as losses are realized.

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

Fitch has affirmed the following classes:

--$114.3 million class A-1A at 'AAAsf'; Outlook Stable;
--$761.3 million class A-3 at 'AAAsf'; Outlook Stable;
--$155.5 million class A-M at 'Asf'; Outlook Negative;
--$110.8 million class A-J at 'CCCsf'; RE 75%;
--$27.2 million class B at 'CCsf'; RE 0%;
--$11.7 million class C at 'CCsf'; RE 0%;
--$25.3 million class D at 'Csf'; RE 0%;
--$672,856 class E at 'Dsf'; RE 0%;
--$0 class F at 'Dsf'; RE 0%;
--$0 class G at 'Dsf'; RE 0%;
--$0 class H at 'Dsf'; RE 0%;
--$0 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%;
--$0 class N at 'Dsf'; RE 0%;
--$0 class O at 'Dsf'; RE 0%.

The class A-1, A-2 and A-AB certificates have paid in full. Fitch does not rate the class P certificates. Fitch previously withdrew the rating on the interest-only class X certificates.