DBRS Downgrades Three Classes of WBCMT, Series 2004-C15

DBRS has today downgraded three classes in the Wachovia Bank Commercial Mortgage Trust, Series 2004-C15 transaction as follows:

-- Class K to D (sf) from C (sf)
-- Class L to D (sf) from C (sf)
-- Class M to D (sf) from C (sf)

The rating downgrades are the result of the most recent realized losses to the trust, which occurred after the Penn’s Purchase II loan (Prospectus ID#20) was liquidated from the trust at a loss of $12.79 million, according to the July 2014 remittance. The loan had been secured by a retail outlet center in Buckingham Township, Pennsylvania. The loan initially transferred to special servicing in January 2009 due to payment default and was deemed non-recoverable in November 2012. The last reported property valuation occurred in May 2013 at $6.18 million, down from $19.5 million at issuance. With the July 2014 remittance, the loan was liquidated at a realized loss of $12.79 million and a loss severity of 99.9%. As a result of this loan’s liquidation from the trust, outstanding interest shortfalls due to Class H through Class O were recouped.

According to the July 2014 remittance, the 175 West Jackson loan (Prospectus ID#1) was paid in full, including the rake bonds associated with the non-pooled B-note. As the whole loan has been paid in full, DBRS has discontinued its ratings of the rake bonds.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction. The July 2014 Monthly CMBS Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com.

Notes:
All figures are in U.S. dollars unless otherwise noted.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.