Fitch Affirms American Tower Trust I 2007-1

2008-05-22 21:59:41 -

- Fitch Ratings has affirmed the American Tower's commercial mortgage pass-through certificates, series 2007-1, as follows:

--$872,000,000 class A-FX at 'AAA';

--$150,000,000 class A-FL at 'AAA';

--$215,000,000 class B at 'AA';

--$110,000,000 class C at 'A';

--$275,000,000 class D at 'BBB';

--$55,000,000 class E at 'BBB-';

--$73,000,000 class F at 'BBB-'.

The affirmations are due to the stable performance of the collateral since issuance. All classes are privately placed pursuant to rule 144A of the Securities Act of 1933.

The certificates represent beneficial ownership interest in the trust, primary assets of which are 5,295 wireless communication sites securing one fixed-rate loan. As of the April 2008 distribution date, the aggregate principal balance of the notes remains unchanged at $1.75 billion since issuance. The notes are interest only for the entire seven-year period.

As part of its review, Fitch analyzed the financial statements of the issuer, American Tower Corporation, as well as trustee reports provided by the servicer, the Bank of New York. As of March 31, 2008, aggregate annualized run rate revenue increased to $385.9 million, a 13.7% increase from issuance. Over the same period, the Fitch adjusted net cash flow increased 11% since issuance. The actual servicer-reported debt service coverage ratio is 2.82 times (x), compared to 2.37x at issuance.

The tenant type concentration is stable. As of March 31, 2008, total revenue contributed by telephony tenants was 90.8% compared to 89.9% at 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.

Fitch Ratings
Adam Fox, 212-908-0869, New York
Britt Johnson, 312-606-2341, Chicago
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