OREANDA-NEWS. Fitch Ratings has upgraded one class of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates series 1998-CF1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade is based on the stable performance of the remaining collateral, with continued paydown expected. There are nine loans remaining, four (26.7%) of which are defeased. None of the loans are designated as Fitch Loans of Concern; all loans are current, and none are in special servicing.

As of the November 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.35% to $13.9 million from $838.8 million at issuance.

The largest loan in the pool is Randall's Store (24.9%), which is secured by a 59,000 square foot (sf) retail building in Sugar Land, TX. The property is 100% occupied by Randall's Store, a Texas grocery chain, and has a lease expiration of November, 2022. As of December 2014, debt service coverage ratio (DSCR) was 1.37x.

The second, third and fifth largest loans in the pool are secured by 14,000 sf retail buildings occupied by Walgreens and located in Seattle, WA (16.8%), Gresham, OR (16.5%) and Portland, OR (11.8%). The leases expire in 2026,2056, and 2056, respectively.

RATING SENSITIVITIES

The Rating Outlook on class B-7 is Stable, reflecting Fitch's expectation of future affirmations. Due to the concentration risk and single tenant exposure (73.2%), increasing binary challenges may limit future upgrades.

DUE DILIGENCE USAGE

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

Fitch upgrades the following class:

--$6.3 million class B-7 to 'BBBsf' from 'Bsf'; Outlook Stable.

The classes A-1A, A-1B, A-2, A-3, B-1, B-2, B-3, B-4 and CP certificates have paid in full. Fitch does not rate the class B-5, B-6 and C certificates. Fitch previously withdrew the rating on the interest-only class S certificates.