Fitch Affirms Credit Suisse Commercial Mortgage Trust 2007-C1

Business Wire,  March 25, 2008  

Tags: Credit Suisse First Boston, Fitch

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CHICAGO -- Fitch has affirmed Credit Suisse Commercial Mortgage Trust, series 2007-C1, commercial mortgage pass-through certificates as follows:

--$34.1 million class A-1 at 'AAA';

--$139 million class A-2 at 'AAA';

--$98.3 million class A-AB at 'AAA';

--$758 million class A-3 at 'AAA';

--$1.3 billion class A-1-A at 'AAA';

--$125 million class A-MFL at 'AAA';

--$212.2 million class A-M at 'AAA';

--$286.6 million class A-J at 'AAA';

--$3 billion interest-only class A-SP at 'AAA';

--$3.4 billion interest-only class A-X at 'AAA';

--$25.3 million class B at 'AA+';

--$37.9 million class C at 'AA';

--$33.7 million class D at 'AA-';

--$21.1 million class E at 'A+';

--$29.5 million class F at 'A';

--$33.7 million class G at 'A-';

--$37.9 million class H at 'BBB+';

--$33.7 million class J at 'BBB';

--$37.9 million class K at 'BBB-';

--$8.4 million class L at 'BB+';

--$12.6 million class M at 'BB';

--$8.4 million class N at 'BB-';

--$8.4 million class O at 'B+';

--$8.4 million class P at 'B';

--$8.4 million class Q at 'B-';

--$12.6 million class S at 'CCC'.

Fitch does not rate class T.

The rating affirmations reflect stable performance and limited paydown since issuance. As of the March 2008 distribution date, the transaction has paid down by 0.2% to $3.36 billion from $3.37 billion at issuance. 54% of the transaction is comprised of interest-only loans. There are three specially serviced loans (0.55%) with expected losses that would be fully absorbed by the non-rated class T.

The largest specially serviced loan (0.22%) is secured by a 258-unit multifamily property located in Columbus, Ohio. The loan is 90+ days delinquent, and was transferred to special servicing in October 2007 due to monetary default.

The second-largest specially serviced loan (0.21%) is secured by a 100-unit multifamily property located in Blakely, Pennsylvania. The loan is 90+ days delinquent and was transferred to special servicing in September 2007 due to imminent default.

The third-largest specially serviced loan (0.12%) is secured by an 82-key hotel located in Patterson, California that is 90+ days delinquent. It transferred to special servicing in September 2007 due to imminent default.

None of the loans mature in 2008, 2009, or 2010.

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.

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