July 25, 2012 / 8:22 PM / 5 years ago

TEXT-Fitch downgrades CSFB 2002-CP5

 July 25 - Fitch Ratings has downgraded five classes of Credit Suisse First
Boston Mortgage Securities Corp., series 2002-CP5 (CSFB 2002-CP5). A detailed
list of rating actions follows at the end of this press release.

The downgrades reflect an increase in Fitch expected losses across the pool.
Fitch modeled losses of 6.38% of the remaining pool; modeled losses of the
original pool are at 5.73%, including losses already incurred to date. Fitch has
designated 16 loans (22.7%) as Fitch Loans of Concern, which includes 13
specially-serviced loans (16.8%).

As of the July 2012 distribution date, the pool's aggregate principal balance
has reduced by 51.5% to $575.2 million from $1.19 billion at issuance. In
addition, 13 loans (53.2%) have been fully defeased. Interest shortfalls
totaling $2,296,304 are currently affecting classes J through Q.

The largest contributor to modeled losses is a specially serviced loan (1.73%)
secured by one office building located in Farmington Hills, MI totaling 89,759
square feet (sf). The loan transferred to special servicing in March 2012 due to
imminent default. The sole tenant has terminated its lease as of May 2012,
leaving the property unoccupied. Counsel has been retained for possible
foreclosure and/or appointment of property receiver, while discussions with the
borrower continue regarding other resolutions.

The second largest contributor to modeled losses is a loan (1.71%) secured by a
273 unit apartment complex located in San Antonio, TX. The loan was previously
in special servicing but transferred back to the master servicer in March 2011.
The servicer-reported occupancy has decreased to 69% as of April 2012, and the
debt service coverage ratio (DSCR) is .70 times (x) as of year-end (YE) 2011. An
inspection in November 2011 found the property to be in poor condition with some
units not being occupied due to mold issues.

The third largest contributor to modeled losses is a specially serviced REO
portfolio (1.33%) originally consisting of six industrial properties located in
Michigan, Ohio, and Indiana totaling 612,000 square feet (sf). The loan
transferred to special servicing in August 2010 due to imminent default. The six
properties were foreclosed, three of which were sold in November 2011. The sale
proceeds were used reduce the outstanding debt. The remaining three have yet to
be sold.

Fitch downgrades and assigns Recovery Estimates (REs) and revises Rating
Outlooks as indicated:
--$16.3 million class G to 'BBBsf' from 'Asf'; Outlook Stable;
--$14.8 million class H to 'BBsf' from 'BBB-sf'; Outlook to Negative from
Stable;
--$22.2 million class J to 'CCCsf' from 'B-sf'; RE 40%;
--$5.9 million class K to 'CCsf' from 'B-sf'; RE 0%;
--$8.9 million class L to 'Csf' from 'CCCsf'; RE 0%.

Fitch also affirms the following classes and assigns Recovery Estimates (REs) as
indicated:

--$394.5 million class A-2 at 'AAAsf'; Outlook Stable;
--$41.5 million class B at 'AAAsf'; Outlook Stable;
--$22.2 million class C at 'AAAsf'; Outlook Stable;
--$14.8 million class D at 'AAAsf'; Outlook Stable.
--$17.8 million class E at 'AA+sf'; Outlook Stable;
--$8.9 million class F at 'AA'sf; Outlook Stable;
--$7.3 million class M at 'D'; RE 0%;
--$0.0 million class N at 'D'; RE 0%;
--$0.0 million class O at 'D'; RE 0%;
--$0.0 million class P at 'D'; RE 0%.

Class Q, which is not rated by Fitch has been reduced to zero from 14.8 million
at issuance due to realized losses. Class A-1 and A-SP have paid in full.

Fitch has previously withdrawn the rating on the interest-only class A-X. (For
additional information on the withdrawal of the rating on the interest-only
class, see 'Fitch Revises Practice for Rating IO & Pre-Payment Related
Structured Finance Securities', dated June 23, 2010.)
Additional information on Fitch's criteria for analyzing U.S. fixed-rate CMBS
transactions is provided in the Dec. 21, 2011 report 'Surveillance Methodology
for U.S. Fixed-Rate CMBS Transactions', which is available at
'www.fitchratings.com' under the following headers:
Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012)
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21,
2011).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

 (New York Ratings Team)
 

Our Standards:The Thomson Reuters Trust Principles.
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