OREANDA-NEWS. Fitch Ratings has downgraded White Tower Europe 2007-1's floating rate notes ratings and simultaneously withdrawn them as follows:

EUR0m class B (XS0300056198): downgraded to 'Dsf' from 'CCsf'; rating withdrawn
EUR0m class C (XS0300056271): downgraded to 'Dsf' from 'Csf'; rating withdrawn
EUR0m class D (XS0300056354): downgraded to 'Dsf' from 'Csf'; rating withdrawn
EUR0m class E (XS0300056511): downgraded to 'Dsf' from 'Csf'; rating withdrawn

White Tower 2007-1 was originally a securitisation of six commercial mortgage loans originated by Societe Generale (A/F1/Stable). As of end-October 2015, no loans remained.

KEY RATING DRIVERS
The collateral for the last remaining loan (the Heron City shopping centre) has now been liquidated. While in excess of the last valuation (EUR36.9m), net sale proceeds (EUR42m, of which EUR41.7m was applied as principal) resulted in a considerable loss on the EUR105.7m loan. This loss was applied to the notes in reverse order of ranking at EUR13.8m to the class B notes, EUR19.5m to the class C notes, EUR19.3m to the class D notes and EUR11.7m to the class E notes.

As no issuer collateral remains, residual bond balances have been written off, and the ratings withdrawn. Fitch will no longer provide ratings or analytical coverage of the issuer

RATING SENSITIVITIES
Not applicable

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

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
The information below was used in the analysis.
-Loan-by-loan data provided by servicer as at end-October 2015
-Transaction reporting provided by servicer as at end-October 2015