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Fitch Takes Various Actions on Office Portfolio Trust 2001-HRPT
NEW YORK-(Business Wire)-May 6, 2008 - Fitch upgrades Office Portfolio Trust commercial mortgage pass-through certificates, series 2001 HRPT as follows:
—$17.1 million class H to 'BB+' from 'BB'.
In addition, Fitch affirms and removes the following class from Rating Watch Negative:
—$10.8 million class G at 'BBB-';
Fitch affirms the following classes:
—$13.6 million class A-1 at 'AAA';
—$28.0 million class A-2 at 'AAA';
—$91.0 million class A-2FL at 'AAA';
—$11.6 million class B-FL at 'AA+';
—$15.6 million class C-FL at 'AA';
—$11.0 million class D at 'A+';
—$10.0 million class E at 'A';
—interest only class IO at 'AAA';
—$11.1 million class E-FL at 'A';
—$17.7 million class F at 'BBB'.
The upgrade and removal of Rating Watch is due to receiving restated year-end (YE) 2007 financials from the borrower. As a result of the restatement, YE 2007 NOI increased 6.1%.
The transaction collateral consists of 2.2 million square feet of office properties located in four metropolitan markets. The loans amortize on a 30-year schedule with a maturity date of January 2011. As of the April 2008 distribution date, the unpaid principal balance has amortized 8.6%, with the current balance at $237.5 million compared to $259.8 million at issuance.
As of Dec. 1, 2007 the six cross-collateralized and cross-defaulted loans has experienced stable occupancy. Bridgepoint (17.4%) and Lakewood (9.0%) both located in Austin are 88.2% and 98.4% occupied, respectively. Herald Square (12.3%) and Indiana Avenue (8.9%) in Washington D.C. are both 100% occupied. The Cedars Sinai Medical (28.0%) building in Los Angeles is 99.9% occupied. The PNC Tower (24.4%) in Philadelphia is 91.8% occupied. The Fitch stressed NCF for the transaction remains slightly below that of issuance, however, because market rents have declined in several markets since issuance.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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