Fitch Ratings has downgraded four classes and upgraded one class of LB-UBS Commercial Mortgage Trust (LB-UBS) commercial mortgage pass-through certificates series 2005-C5.
The downgrades reflect the expected losses on the specially serviced loans, as well as other loans in the pool.
The upgrade reflects increased credit enhancement as a result of principal paydown. As of the April distribution date, the pool's aggregate principal balance has paid down by 17.9% to $1.93 billion from $2.34 billion at issuance. The pool paid down by over 11% at the April remittance following the payoff of the $244.5 million Providence Place loan, which was previously the second largest in the pool.
