OREANDA-NEWS. December 15, 2015. Fitch Ratings has upgraded one and downgraded one class of Credit Suisse First Boston Mortgage Securities Corp. series 2001-CP4. A detailed list of rating actions follows at the end of this press release.


The upgrade of class E to 'AAAsf' reflects the class being fully covered by defeasance as a result of recent loan payoffs. Currently, there are only two classes remaining in the transaction, collateralized by four remaining loans in the pool, two of which (24.7%) are defeased. The transaction had a significant principal paydown on the November 2015 distribution date, primarily due to the discounted payoff of the former largest two loans in the pool, the Somerset Center & Somerset Place, as well as Somerset Park. The proceeds were sufficient to pay off class D and partially pay down class E. Losses were applied to classes G and F.

Since Fitch's last rating action, the transaction has paid down \\$21.6 million and incurred additional realized losses of \\$8 million. Since issuance, the transaction has incurred realized losses of 9.4% of the original balance. Classes G through O have been completely depleted, and class F has experienced realized losses.

As of the November 2015 distribution date, the pool's aggregate principal balance has been reduced by 99% to \\$12.2 million from \\$1.18 billion at issuance. Interest shortfalls totaling \\$9.2 million are currently affecting classes H through O. The entire principal balance on class A is fully covered by the defeased loans, which mature in 2016.

The first remaining non-defeased loan in the pool is the Chevy Chase Bank loan (61.2% of the pool), which is secured by a 150,000 square foot (sf) office property located in Laurel, MD. It is 100% occupied by Capital One until 2020. The loan matures in August 2016. The loan continues to perform to expectations with a servicer reported year-end 2014 debt service coverage ratio (DSCR) of 2.05x, compared to 1.46x at issuance.

The second remaining non-defeased loan is the Airport Landing Apartment loan (37.6%), which is secured by a 240 unit multifamily property located in Houston, TX. As of June 2015, the property was 95% occupied, compared to 92% at issuance. The loan matures in June 2021. The loan is performing with the servicer reported second quarter (2Q15 DSCR at 1.78x, compared to 1.54x at issuance.

The rating on class E is anticipated to remain stable. The class is expected to pay off upon maturity of the defeased loans. The distressed class F will remain at 'Dsf' due to realized losses.

Fitch has upgraded the following class as indicated:

--\\$0.9 million class E to 'AAAsf' from 'CCCsf'; Outlook Stable Assigned.

Fitch has downgraded the following class as indicated:

--\\$11.3 million class F to 'Dsf' from 'CC'; RE 0%.

Fitch has affirmed the following the following classes as indicated:

--\\$0 class G at 'Dsf', RE 0%;
--\\$0 class H at 'Dsf', RE 0%;
--\\$0 class J at 'Dsf', RE 0%;
--\\$0 class K at 'Dsf', RE 0%;
--\\$0 class L at 'Dsf', RE 0%;
--\\$0 class M at 'Dsf', RE 0%;
--\\$0 class N at 'Dsf', RE 0%.

Classes A-1, A-2, A-3, A-4, B, C, D and A-CP have paid in full. Fitch does not rate the class O certificates. Fitch previously withdrew the rating on the interest-only class A-X certificates.