Fitch Downgrades WBCMT Series 2005-C20

Posted by Orb Staff on November 02, 2010 No Comments
Categories : Commercial Mortgage

Fitch Ratings has downgraded 10 classes of Wachovia Bank Commercial Mortgage Trust (WBCMT) series 2005-C20 commercial mortgage pass-through certificates due to increased expected losses corresponding to nine recently transferred specially serviced loans, as well as one top-15 loan expected to see future performance deterioration.

Fitch attributes the downgrades of classes E through G to the transfer to special servicing of nine relatively small loans subsequent to the previous Fitch rating action. In addition, the rating agency assigned modeled losses to one loan that is expected to lose its single tenant as the loan matures.

As of the October distribution date, the pool's aggregate principal balance has been reduced by 26.2% to $2.7 billion from $3.66 billion at issuance, including a paydown of 22.7% and realized losses of 3.5%. Six loans are currently defeased.

SOURCE: Fitch Ratings

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