Fitch Affirms CGCMT 2014-GC19

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed 15 classes of Citigroup Commercial Mortgage Trust's 2014-GC19 (CGCMT) commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are the result of stable performance of the underlying collateral pool since issuance. As of the February 2015 distribution date, the pool's aggregate principal balance has been reduced by 0.6% to $1.01 billion from $1.02 billion at issuance. No loans are defeased. No loans have been delinquent or in special servicing since issuance. There are two loans (2.1%) on the master servicer's watchlist for minor issues of deferred maintenance and a small dip in performance during 2014; however, Fitch does not consider any loans to be Fitch loans of concern.

The largest loan in the pool, the Newcastle Senior Housing Portfolio, is secured by 26 independent living senior housing facilities located across 14 states in the U.S. The portfolio is 100% private pay and offers no assisted living functions. The loan is subject to three other pari-passu notes for a total debt load of $355.8 million. The occupancy within the portfolio remains stable at 90% as of June 2014. The reported net operating income debt service coverage ratio (NOI DSCR) as of second quarter 2014 was 1.95x, an improvement from origination which reported a NOI DSCR of 1.59x.

The second largest loan in the pool, CityScape, is secured by a 641,935 square foot mixed-use development located in Phoenix, AZ. The collateral for the loan consists of a 28-story office tower with a retail component and a five-story subterranean parking garage. The property is part of a larger development that includes the 250-room Hotel Palomar and a 224-unit apartment building. The loan is subject to a $100 million pari-passu note that is part of the GSMS 2014-GC18 transaction. No financial information has been provided since issuance at which time the property was 95% occupied and reported a NOI DSCR of 1.46x.

RATING SENSITIVITIES

All classes maintain Stable Outlooks. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's portfolio-level metrics. Additional information on rating sensitivity is available in the report 'Citigroup Commercial Mortgage Trust, Series 2014-GC19,' (Feb. 25, 2014), available at www.fitchratings.com.

Fitch affirms the following classes as indicated:

--$43.4 million class A-1 at 'AAAsf'; Outlook Stable;

--$125.7 million class A-2 at 'AAAsf'; Outlook Stable;

--$215 million class A-3 at 'AAAsf'; Outlook Stable;

--$246.8 million class A-4 at 'AAAsf'; Outlook Stable;

--$74.5 million class A-AB at 'AAAsf'; Outlook Stable;

--$66.1 million class A-S at 'AAAsf'; Outlook Stable;

--$50.8 million class B at 'AA-sf'; Outlook Stable;

--$0 class PEZ at 'A-sf'; Outlook Stable;

--$50.8 million class C at 'A-sf'; Outlook Stable;

--$54.6 million class D at 'BBB-sf'; Outlook Stable;

--$21.6 million class E at 'BBsf'; Outlook Stable;

--$770.8 million* class X-A at 'AAAsf'; Outlook Stable;

--$50.8 million* class X-B at 'AA-sf'; Outlook Stable;

--$21.6 million* class X-C at 'BBsf'; Outlook Stable;

--$11.4 million class F at 'Bsf'; Outlook Stable.

*Notional amount and interest-only.

Fitch does not rate the class G or the class X-D certificates.

A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:

--'Citigroup Commercial Mortgage Trust, Series 2014-GC19 - Appendix' (Feb. 25, 2014).

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=980424

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