Fitch Takes Various Actions on LB-UBS Commercial Mortgage Trust 2003-C5
KEY RATING DRIVERS
Since the last rating action in May 2015, two loans were disposed. The upgrade to class K reflects that the class is fully supported by the sole remaining loan, which is defeased. The loan has an anticipated repayment date (ARD) of April 2018. The downgrades to classes L through N reflect the losses incurred to the classes following the disposition of the largest, specially serviced asset in July 2015.
As of the August 2015 distribution date, the pool's aggregate principal balance has been reduced by 99.4% to \\$8.9 million from \\$1.4 billion at issuance. The pool has experienced \\$42.3 million (3% of the original pool balance) in realized losses to date.
The Rating Outlook on class K was revised to Stable from Negative due to full repayment supported by the remaining defeased collateral (100%). The rating on class K will be capped at 'Asf' for any future rating actions due to previous interest shortfalls (see 'Criteria for Rating Caps and Limitations in Global Structured Finance Transactions', dated May 28, 2014, for more details).
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
Fitch has upgraded the following class:
--\\$14 million class K to 'Asf' from 'BBsf'; Outlook Stable from Negative.
Fitch has downgraded the following classes:
--\\$6.9 million class L to 'Dsf' from 'Csf'; RE 0%;
--\\$0 million class M to 'Dsf' from 'Csf'; RE 0%;
--\\$0 million class N to 'Dsf' from 'Csf'; RE 0%.
Fitch does not rate classes P, Q, S, and T and classes A-1, A-2, A-3, A-4, B, C, D, E, F, G, H and X-CP have paid in full. Fitch previously withdrew the rating on the interest-only class X-CL certificates.