Fitch Withdraws Ratings on Distressed Classes of Wachovia 2003-C3

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the ratings on four distressed classes of Wachovia Bank Commercial Mortgage Trust, series 2003-C3 (WACM 2003-C3). A full list of the withdrawn classes follows at the end of this press release.

KEY RATING DRIVERS

The rating withdrawals are a result of the termination of the trust fund in connection with the purchase by the master servicer, Wells Fargo, of all the mortgage loans and each real estate owned (REO) property remaining in the transaction. As of the January 2016 servicer data, three of the four remaining loans (94.4% of the pool) were fully defeased.

RATING SENSITIVITIES

The transaction has been liquidated at the February 2016 payment date pursuant to the termination by the trust. All classes have either been paid in full, partially repaid with a realized loss, or fully written down due to realized losses.

DUE DILIGENCE USAGE

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

Fitch has withdrawn the following ratings:

--Class L at 'Dsf';

--Class M at 'Dsf';

--Class N at 'Dsf';

--Class O at 'Dsf'.

The class A-1, A-2, IO-II, B, C, D, E, F, G, H, J, and K classes have paid in full. The rating on class IO-I was previously withdrawn. Fitch does not rate class P.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1001090

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160317005954/en/

Fitch Ratings
Primary Analyst
Stephanie Duski
Analyst
+1-646-582-4820
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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