Fitch has upgraded Wachovia Bank Commercial Mortgage Trust, Series 2005-WHALE 5, commercial mortgage pass-through certificates, as follows: -- $7.9 million class J to 'AAA' from 'BBB+'; -- $11.3 million class K to 'AA+' from 'BBB'; -- $10.8 million class L to 'BBB+' from 'BBB-'. In addition, Fitch affirms the following classes: -- Interest-only class X-1B at 'AAA'; -- Interest-only class X-2 at 'AAA'. Classes A-1, A-2, X-1A, X-3, X-4, X-KHP1, X-KHP2, B, C, D, E, F, G, H, KHP-1, KHP-2, KHP-3, KHP-4, KHP-5, OKS, DP-1, DP-2, DP-3, and MS, and AG have been paid in full.
The upgrades are due to increased credit enhancement resulting from the repayment of two loans, Gallery at Fulton and the New Mexico Mall, since Fitch's last rating action in March 2007. As of the August 2007 distribution date, the pool's collateral balance has declined 97.7% to $30 million from $1.29 billion at issuance. Of the original 14 loans in the transaction, only the Lightstone Pool 2 remains. Fitch reviewed the servicer provided year-end (YE) 2006 operating statement analysis report for the Lightstone Pool 2 loan. Based on the loan's overall improved performance since issuance, due to repositioning efforts at both malls and renovations at the Brazos Mall, the loan maintains its investment grade credit assessment.
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