2009-11-10 21:08:02 -
Fitch Ratings has issued a presale report on DDR Depositor LLC Trust 2009 Commercial Mortgage Pass Through Certificates, series 2009-DDR1.
Fitch expects to rate the transaction as follows.
--$323,500,000 class A 'AAA';
--$41,500,000 class B 'AA';
--$35,000,000 class C 'A'.
The expected ratings are based on information provided by the issuer as of Oct. 30, 2009.
The certificates represent the beneficial interests in a trust fund to be established by DDR I Depositor LLC. The Trust Fund will consist primarily of a single componentized promissory note issued by multiple special purpose entities evidencing a fixed rate loan secured by, among other things, cross-collateralized and cross-defaulted first lien mortgages or deeds of trust on the borrowers' interests in 28 properties. The borrowers are
comprised of multiple special-purpose entities, each of which is directly or indirectly owned and controlled by affiliates of the Depositor and Developers Diversified Realty Corporation, the sponsor. The loan was originated by Goldman Sachs Commercial Mortgage Capital, L.P.
The presale report is available to all investors on Fitch's web site www.fitchratings.com :
cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .
These ratings reflect the application of Fitch's current criteria which are available at www.fitchratings.com :
cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. and specifically include the following reports.
--'Global Structured Finance Rating Criteria' dated Sept. 30, 2009;
--'Rating U.S. Single Borrower Commercial Mortgage Transactions' dated May 7, 2008;
--'U.S. CMBS Surveillance Criteria' dated Oct. 7, 2008;
--'U.S. Commercial Mortgage Servicer Rating Criteria' dated June 19, 2009;
--'Special Purpose Vehicles in Structured Finance Transactions' dated Sept. 17, 2009.
Additional information is available at www.fitchratings.com :
cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS :
cts.businesswire.com/ct/CT?id=smartlink&url=HTTP%3A%2F%2FFIT .. .
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.FITCHRATINGS.COM :
cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2FWWW .. .
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.
Fitch RatingsJeff Watzke, +1-312-606-2358 (Chicago)Eric
Rothfeld, +1-212-908-0761 (New York)orSandro Scenga,
+1-212-908-0278(Media Relations, New York)
sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com
