Six classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2007-TFL2, have been placed on Rating Watch Negative by Fitch Ratings. The affected securities were classes BSL-A through BSL-F. The actions were due to the potential default of the Biscayne Landing loan after the borrower missed the required amortization amount of $20 million on Dec. 31, Fitch said. "Considering current market conditions and the lack of available capital, funds may not be available and a default is likely," the rating agency said. "Upon default, the loan could transfer to the special servicer, and fees would likely be incurred by one or more of the BSL classes." The BSL classes are collateralized by the nonpooled senior portions of the Biscayne Landing loan and are subordinate to the pooled senior portion.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry