September 26, 2012 / 8:16 PM / 5 years ago

TEXT-Fitch affirms WBCMT 2005-C20

Sept 26 - Fitch Ratings has affirmed all classes of Wachovia Bank Commercial
Mortgage Trust (WBCMT), series 2005-C20 commercial mortgage pass-through
certificates. A detailed list of rating actions follows at the end of this

The affirmations are based on the stable performance of the underlying 
collateral pool since the previous review. Fitch modeled losses of 3.4% of the 
remaining pool and expected losses based on the original pool balance are 5.9%, 
of which 3.8% are losses realized to date. Fitch designated 32 loans (19.3%) as 
Fitch Loans of Concern, which include eight specially serviced loans (3.0%). 

The largest contributor to Fitch modeled losses is a $41 million loan secured by
(a 273,997-square foot (sf) grocery anchored retail center 1.9% of the 
outstanding pool balance), located in Evansville, IN. The property's vacancy 
rate has steadily increased since issuance due to several tenants (Linens 'n 
Things, Borders) vacating the site in recent years. Recent leasing additions 
include Ulta and Mother Maternity which has increased occupancy to 86% as of the
second quarter of 2012. The loan remains current.

The second-largest contributor to modeled losses is a specially serviced loan 
(0.8%), secured by a 95,870 sf industrial flex building located in Brooklyn, NY.
The building has been utilized as a production studio since its inception and 
has been used intermittently since a long running soap stopped production at the
facility. A receiver has been appointed for the property and the special 
servicer continues to work with the borrower while also pursuing foreclosure.  

The third-largest contributor to modeled losses is a loan (0.4%) secured by a 
51,128-sf suburban office building located in Las Vegas, NV. The loan 
transferred to special servicing in January 2012 for monetary default. The 
sponsor indicated that declining cash flow was due to higher vacancy rates and 
lower rental rates in the market. A receiver has been appointed and the special 
servicer is contemplating a note sale.

Fitch has affirmed the following classes and revised the recovery estimates as 

--$79.0 million class A-PB at 'AAAsf'; Outlook Stable;

--$861.8 million class A-7 at 'AAAsf'; Outlook Stable;

--$292.2 million class A-1A at 'AAAsf'; Outlook Stable;

--$100 million class A-MFL at 'AAAsf'; Outlook Stable;

--$266.4 million class A-MFX at 'AAAsf'; Outlook Stable;

--$274.8 million class A-J at 'AAsf'; Outlook Stable;

--$77.9 million class B at 'BBBsf'; Outlook Stable;

--$27.5 million class C at 'BBBsf'; Outlook Stable; 

--$68.7 million class D at 'BBsf'; Outlook Negative; 

--$41.2 million class E at 'Bsf'; Outlook Negative;

--$41.2 million class F at 'CCsf'; RE 100%;

--$32.1 million class G at 'Csf'; RE 15%;

--$28.9 million class H at 'Dsf'; RE 0%;

Classes J, K, L, M, N, and O remain at 'Dsf', RE O%. Classes J through O and the
unrated class P have been reduced to zero due to losses realized on loans 
liquidated from the trust. Classes A-1, A-2, A-3SF, A-4, A-5, A-6A, and A-6B 
have repaid in full. Fitch previously withdrew the ratings on the interest-only 
classes X-P and X-C. 

Additional information is available at ''.  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(New York Ratings Team)
0 : 0
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