S&P: Five Ratings Raised On Credit Suisse Commercial Mortgage Trust Series 2006-K1
The upgrades follow our analysis of the transaction, primarily using our criteria for rating U. S. and Canadian CMBS transactions, which included a review of the credit characteristics and performance of the remaining loans inthe pool, the transaction's structure, and the liquidity available to the trust. The raised ratings also reflect our expectation of the available creditenhancement for these classes, which we believe is greater than our most recent estimate of necessary credit enhancement for the respective rating levels, our views regarding the collateral's current and future performance, as well as the significant reduction in the trust balance.
While available credit enhancement levels suggest further positive rating movements on these classes, our analysis also considered the classes' interestshortfall history, position in the waterfall, and available liquidity support.
TRANSACTION SUMMARY
As of the July 25, 2016, trustee remittance report, the collateral pool balance was $13.6 million, which is 1.4% of the pool balance at issuance. The pool currently has three multifamily loans remaining, down from 126 loans at issuance. There are no defeased loans and no loans with the special servicer or on the master servicer's watchlist. The master servicer, Midland Loan Services, reported year-end 2015 financial information for 100.0% of the loansin the pool.
We calculated a 2.13x S&P Global Ratings weighted average debt service coverage and 35.0% S&P Global Ratings weighted average loan-to-value ratio using a 7.29% S&P Global Ratings weighted average capitalization rate. All three loans mature in 2017 and are secured by properties located in California.
To date, the transaction has experienced $4.6 million in principal losses, or 0.5% of the original pool trust balance.
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