July 16, 2012 / 8:39 PM / 5 years ago

TEXT-Fitch affirms Banc of America Large Loan Re-REMIC 2009-UBER2

July 16 - Fitch Ratings has affirmed 11 classes of Bank of America Large
Loan, Inc. commercial mortgage certificate-backed certificates, series
2009-UBER2 as follows:

--$105.8 million class A-4A-A at 'AAAsf'; Outlook Stable;
--$87.2 million class A-4A-B at 'AAAsf'; Outlook Stable;
--$25 million class A-4A-C at 'AAAsf'; Outlook Stable;
--$19 million class A-4B-1 at 'AAAsf'; Outlook Stable;
--$18.6 million class A-4B-2 at 'AAAsf'; Outlook Stable;
--$9.5 million class A-4B-4 at 'AAAsf'; Outlook Stable;
--$7.5 million class A-4B-5 at 'AAAsf'; Outlook Stable;
--$8.3 million class A-4B-6 at 'AAAsf'; Outlook Stable;
--$4.7 million class A-4B-7 at 'AAAsf'; Outlook Stable;
--$3.6 million class A-4B-8 at 'AAAsf'; Outlook Stable;
--$2.8 million class A-4B-9 at 'Asf'; Outlook Stable.

Fitch does not rate the $11.1 million class A-4B-3.

This transaction is a resecuritization of the ownership interest in nine
commercial mortgage-backed certificates which total $303,230,000. The
transaction consists of two pooled senior re-REMIC bond groups backed by five
underlying transactions each, one senior re-REMIC bond backed by one underlying
transaction and nine subordinate standalone re-REMIC bonds backed by nine
separate underlying transactions.

Credit enhancement for classes A-4A-A, A-4A-B and A-4A-C are approximately 50%
and are provided by the underlying bonds and subordinate certificates. The
subordinate A-4B-1 through the A-4B-9 classes each have approximately 30% credit
enhancement provided by the structural support of the underlying transactions.
Losses on any mortgage loan will be allocated first to the lowest rated class of
the mortgage loan's respective series. A potential risk posed by the unpooled
junior series is that the pooled senior classes may experience losses while
other loan-specific junior series classes remain outstanding.
Fitch affirmed the underlying A-4 bonds of BACM 2007-3, BACM 2007-2 and the A-3
bond of MSCI 2007-HQ13.

The Re-REMIC transaction's six other underlying bonds: BSCM 2007-PWR15, JPMC
2007-LDP11, WBCMT 2007-C33, CMLT 2008-LS1, LBCMT 2007-C3 and MSCI 2007-IQ14, are
not rated by Fitch. Fitch reviewed the underlying collateral and performed
loan-level stressed analysis, reflecting cashflow and value declines under the
criteria described in 'Surveillance Methodology for U.S. Fixed Rate CMBS' dated
Dec. 21, 2011.

The following commercial mortgage-backed securities, in order of size, are
collateral for the re-REMIC securities:

--Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15: 6.9% interest in
the class A-4, in the amount of $67,375,000. This transaction was not rated by
Fitch. The underlying class A4 has approximately 31.7% credit enhancement. This
transaction also serves as collateral for classes A-4A-A, A-4A-C and A-4B-1.

--Banc of America Commercial Mortgage Trust 2007-3: 6.4% interest in the class
A-4, in the amount of $65,128,000. The class A4 is rated 'AAA' with a Stable
Outlook by Fitch. The underlying class A4 has approximately 34.1% credit
enhancement. This transaction serves as collateral for classes A-4A-A, A-4A-B
and A-4B-2.

--J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11: 3.3%
interest in the class A-4, in the amount of $39,268,000. This transaction is not
rated by Fitch. The underlying class A4 has approximately 32.7% credit
enhancement. This transaction serves as collateral for classes A-4A-A and
A-4B-3.

--Wachovia Bank Commercial Mortgage Trust, Series 2007-C33: 3.4% interest in the
class A-4, in the amount of $33,465,000. This transaction is not rated by Fitch.
The underlying class A4 has approximately 30.5% credit enhancement. This
transaction serves as collateral for classes A-4A-A and A-4B-4.

--Commercial Mortgage Loan Trust 2008-LS1: 3.7% interest in the class A-4B, in
the amount of $29,742,000. This transaction is not rated by Fitch. The class
underlying A4-B has approximately 31.7% credit enhancement. This transaction
serves as collateral for classes A-4A-B and A-4B-5.

--Banc of America Commercial Mortgage Trust 2007-2: 4.9% interest in the class
A-4, in the amount of $29,217,000. The class A-4 is rated 'AAA' with a Stable
Outlook by Fitch. The underlying class A4 has approximately 36.9% credit
enhancement. This transaction serves as collateral for classes A-4A-B and
A-4B-6.

--Morgan Stanley Capital I Trust 2007-HQ13: 5% interest in the class A-3, in the
amount of $16,575,000. The class A-3 is rated 'AAA' with a Stable Outlook by
Fitch. The underlying class A-3 has approximately 31.3% credit enhancement. This
transaction serves as collateral for classes A-4A-B and A-4B-7.

--LB Commercial Mortgage Trust 2007-C3: 2.2% interest in the class A-4, in the
amount of $12,460,000. This transaction is not rated by Fitch. The underlying
class A4 has approximately 33.5% credit enhancement. This transaction serves as
collateral for classes A-4A-B and A-4B-8.

--Morgan Stanley Capital I Trust 2007-IQ14: 0.9% interest in the Class A-4, in
the amount of $10,000,000. This transaction is not rated by Fitch. The
underlying class A4 has approximately 31.3% credit enhancement. This transaction
serves as collateral for classes A-4A-A and A-4B-9. Class A-4B-9 was previously
downgraded by Fitch due to increased expected losses on the underlying
transaction.

Additional information on Fitch's criteria for analyzing U.S. fixed rate CMBS is
available 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' (Aug. 4, 2011);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21,
2011);
--'U.S. Commercial Mortgage Re-REMIC Criteria' (March 10, 2011).

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below