Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17 Ratings Raised On Four 10 Others Affirmed

Stocks and Financial Services Press Releases Tuesday March 4, 2014 08:14
NEW YORK--4 Mar--Standard & Poor's
OVERVIEW
  • We raised our ratings on the class A-M and A-MFL certificates from Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, a U.S. CMBS transaction, to 'BBB (sf)' from 'BBB- (sf)'.
  • At the same time, we raised our ratings on the class C and D certificates from the same transaction to 'B-(sf)' from 'CCC (sf)'.
  • Lastly, we affirmed our ratings on 10 other classes from the same transaction, including the 'AAA (sf)' ratings on the class X-1 and X-2 IO certificates.
  • Our rating actions follow our review of the credit characteristics and performance of the remaining assets in the pool, the transaction structure, and the liquidity available to the trust.

NEW YORK (Standard & Poor's) March 3, 2014--Standard & Poor's Ratings Services today raised its ratings on four classes of commercial mortgage pass-through certificates from Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, a U.S. commercial mortgage-backed securities (CMBS) transaction. At the same time, we affirmed our ratings on 10 other classes from the same transaction, including the class X-1 and X-2 interest-only (IO) certificates (see list).

Our rating actions follow our analysis of the transaction primarily using our criteria for rating U.S. and Canadian CMBS transactions. Our analysis included a review of the credit characteristics and performance of the remaining assets in the pool, the transaction structure, and the liquidity available to the trust (for more information on the transaction's key credit characteristics, see "Transaction Update: Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17," published March 3, 2014).

The raised ratings on the class A-M and A-MFL certificates reflect our expectation of the available credit enhancement for these tranches, which we believe is greater than our most recent estimate of necessary credit enhancement for the rating levels. The upgrades also reflect our views regarding the current and future performance of the transaction's collateral.

Our raised ratings on the class C and D certificates to 'B- (sf)' from 'CCC (sf)' reflect our view of the adequate liquidity support available to these classes. In addition, based on our analysis, we do not believe that these classes are at risk of default in the near term.

As of the Feb. 13, 2014, trustee remittance report, the trust experienced monthly interest shortfalls totaling $133,882, primarily related to appraisal subordinate entitlement reduction amounts totaling $90,944 on five ($33.8 million, 1.3%) of the 10 ($138.6 million, 5.5%) specially serviced assets, special servicing fees of $30,871, workout fees of $10,951, and interest on advances of $1,116. The current monthly interest shortfalls affect the class G certificates.

The affirmations on the principal- and interest-paying certificates reflect our expectation that the available credit enhancement for these classes will be within our estimate of the necessary credit enhancement required for the current ratings. The affirmed ratings also reflect our analysis of the credit characteristics and performance of the remaining assets, the transaction-level changes, and the liquidity support available to the classes.

We affirmed our 'AAA (sf)' ratings on the class X-1 and X-2 IO certificates based on our criteria for rating IO securities.

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