Printer Friendly

Fitch Affirms Banc of America Large Loan Trust 2009-FDG.

NEW YORK -- Fitch Ratings has affirmed Banc of America Large Loan Trust 2009-FDG, commercial mortgage pass-through certificates, series 2009-FDG (BALL 2009-FDG) as follows:

--$345.2 million class A at 'AAAsf'; Outlook Stable;

--$30 million class B at 'AAsf'; Outlook Stable;

--$33 million class C at 'Asf'; Outlook Stable;

--$47million class D at 'BBB-sf'; Outlook Stable.

The affirmations and Stable Outlooks are a result of stable portfolio performance since issuance. The portfolio-wide occupancy has remained relatively stable at 91% compared to 92% at issuance. A slight decline in Fitch-adjusted net cash flow by 0.8% has been offset by scheduled amortization in the amount of $4.8 million (1%) as of the November 2010 remittance report.

The series 2009-FDG certificates represent the beneficial interests in a single non-recourse loan secured by the fee interest in 44 office and industrial buildings, easement interests in the right-of-way along a 351 mile railroad corridor extending from Jacksonville to Miami, the fee interest in 23 parcels adjacent to the railroad corridor, and collateral assignment of interest in the leases, rents, and licenses associated with these parcels, and the collateral assignment of leases and licenses encumbering five additional parcels adjacent to the rail corridor.

Fitch analyzed the most recent financial statements and rent rolls provided by the servicer, whereby the financial statements were from the trailing-12 months ended Sept. 30, 2010 and the rent rolls were dated as of Sept. 30, 2010. The Fitch-adjusted net cash flow (NCF) decreased slightly to approximately $61.4 million compared to $61.9 million at issuance. The debt service coverage ratio (DSCR) for the portfolio, based on the Fitch stressed NCF and a 9.45% refinance constant, was 1.42 times (x) as of third-quarter 2010. Occupancy for the underlying operating properties ranges from 50%-100% as of the September 2010 rent roll. Lease rollovers are well-dispersed with the most concentrated rollovers occurring in 2011 and 2012 at 10.7% and 11.2%, respectively.

The fixed-rate loan has a 5.65% coupon. The loan is expected to mature in January 2017. The Fitch stressed loan-to-value ratio is approximately 62.7% based on capitalization of the Fitch-adjusted net cash flow at a rate of 8.46%.

At issuance, the loan documents allow for potential future mezzanine debt. The owner of the borrower is permitted to pledge its equity interests in the borrower to incur up to $190 million of mezzanine debt. The additional debt is subject to LTV and DSCR ratios, among other conditions.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 27, 2010).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=560805

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
COPYRIGHT 2010 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Comment:Fitch Affirms Banc of America Large Loan Trust 2009-FDG.
Publication:Business Wire
Geographic Code:1U2NY
Date:Dec 9, 2010
Words:668
Previous Article:Professional Community Management Taps People in Progress for Corporate Training Seminars.
Next Article:Research and Markets: France Petrochemicals Report Q1 2011 - Its Estimated That the Strike Action Led to Production Cuts Of 50%-100% At Some...
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters