(The following statement was released by the rating agency)
Jan 15 - Fitch Ratings has downgraded four junior classes of J-CORE15 Trust’s trust beneficiary interests (TBIs) or asset-backed loans (ABLs) due July 2013 to ‘Dsf’ and simultaneously withdrawn them due to tranche default. The transaction is a Japanese single-borrower type CMBS securitisation. The rating actions are as follows:
Class D ABL downgraded to ‘Dsf’ from ‘Csf’; rating withdrawn
Class E TBIs downgraded to ‘Dsf’ from ‘Csf’; rating withdrawn
Class F TBIs downgraded to ‘Dsf’ from ‘Csf’; rating withdrawn
Class F ABL downgraded to ‘Dsf’ from ‘Csf’; rating withdrawn
The downgrades follow the failure of these classes to be fully redeemed even after the distribution of available funds at the trust termination date on 15 January 2013.
The five senior rated classes (class A1 TBIs/ABL, class A2 TBIs/ABL and class B TBIs) were fully redeemed on the same day.
Fitch no longer calculates the Recovery Estimate for the four classes listed above following the withdrawal of the ratings.