OREANDA-NEWS. Fitch Ratings has affirmed three classes of First Union National Bank Commercial Mortgage Trust (FUNB) commercial mortgage pass-through certificates series 1999-C4. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are a result of continued paydown and stable performance. All remaining loans in the pool are fully defeased. Approximately 78.7% of the defeased loans (six loans) mature in June 2016, and the remaining loan (21.3%) matures in November 2019.

As of the November 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.7% to $11.6 million from $885.7 million at issuance. The pool has experienced $24.8 million (2.8% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting classes M through N.

RATING SENSITIVITIES

Rating Outlooks on classes K and L are Stable due to sufficient credit enhancement and continued paydown from defeased collateral. Class M has realized losses and will remain at 'D'.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes:

--$1 million class K at 'AAAsf', Outlook Stable.
--$8.9 million class L at 'AAAsf', Outlook Stable.
--$1.8 million class M at 'Dsf', RE 100%.

The class A-1, A-2, B, C, D, E, F, G, H, and J certificates have paid in full. Fitch does not rate the class N certificate, which has been reduced to zero due to realized losses. Fitch previously withdrew the rating on the interest-only class IO certificates.