2008-07-07 23:20:15 -
- Fitch Ratings has assigned the following ratings to Bayview Commercial Asset Trust's mortgage pass-through certificates, series 2008-4, as follows:
--$124,220,000 classes SIO, A-1 - A-4 senior certificates 'AAA';
--$6,100,000 class M-1 'AA';
--$4,000,000 class M-2 'AA-';
--$4,050,000 class M-3 'A+';
--$4,040,000 class M-4 'A';
--$2,680,000 class M-5 'A-';
--$4,050,000 class M-6 'A-';
--$5,070,000 class B-1 'BBB';
--$2,660,000 class B-2 'BBB-'.
The 'AAA' rating on the senior certificates reflects the 26.72% initial subordination provided by the 3.60% class M-1, 2.36% class M-2, 2.39% class M-3, 2.38% class M-4, 1.58% class M-5, 2.39% class M-6, 2.99% class B-1, 1.57% class B-2 and initial overcollateralization (OC) of 7.46%. Additional credit enhancement will be provided by growing OC resulting from the use of accelerated principal payment amounts - which are derived from interest on the mortgage loans. The target OC is 11.35%. The ratings on the certificates reflect the quality of the underlying collateral and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction. In addition, the ratings reflect the capabilities of Wells Fargo Bank, N.A. as master servicer, The Bank of New York as trustee, and Wilmington Trust Company as Delaware trustee.
The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by senior liens on commercial, multifamily and mixed-use properties and unimproved land with an aggregate principal balance of $169,989,961. As of the cut-off date (June 1, 2008), the mortgage loans had a weighted average current loan-to-value ratio (CLTV) of 68.66%, weighted average coupon (WAC) of 10.025%, weighted average remaining term (WAM) of 307 months and an average principal balance of $325,354. Property types include multifamily (19.01%), retail (16.13%), mixed-use (14.21%), office (12.36%), other commercial (9.52%), and warehouse (11.28%) among others with concentrations under 10%. The three largest state concentrations are California (16.59%), New York (9.29%), and Florida (8.37%).
For federal income tax purposes, multiple real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust estate.
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.
Fitch Ratings
Christine Yan, +1-212-908-0838
Nicole Antompietri, +1-212-908-9134
Wen Hsu, +1-212-908-0633 (New York) (RMBS)
Jeff Watzke, +1-312-606-2358
Michelle Harrell, +1-312-368-3348 (Chicago) (CMBS)
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
