Fitch Withdraws Ratings on Distressed Classes of Wachovia 2003-C3
OREANDA-NEWS. Fitch Ratings has withdrawn the ratings on four distressed classes of Wachovia Bank Commercial Mortgage Trust, series 2003-C3 (WACM 2003-C3). A full list of the withdrawn classes follows at the end of this press release.
KEY RATING DRIVERS
The rating withdrawals are a result of the termination of the trust fund in connection with the purchase by the master servicer, Wells Fargo, of all the mortgage loans and each real estate owned (REO) property remaining in the transaction. As of the January 2016 servicer data, three of the four remaining loans (94.4% of the pool) were fully defeased.
RATING SENSITIVITIES
The transaction has been liquidated at the February 2016 payment date pursuant to the termination by the trust. All classes have either been paid in full, partially repaid with a realized loss, or fully written down due to realized losses.
DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.
Fitch has withdrawn the following ratings:
--Class L at 'Dsf';
--Class M at 'Dsf';
--Class N at 'Dsf';
--Class O at 'Dsf'.
The class A-1, A-2, IO-II, B, C, D, E, F, G, H, J, and K classes have paid in full. The rating on class IO-I was previously withdrawn. Fitch does not rate class P.
Contact:
Primary Analyst
Stephanie Duski
Analyst
+1-646-582-4820
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
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