Fitch Ratings affirms ARCap 2004-RR3 Resecuritization, Inc.'s (ARCap) commercial mortgage-backed securities (CMBS) pass-through certificates, series 2004-RR3 as follows:
-- $50 million class A-1 'AAA';
-- $272.5 million class A-2 'AAA';
-- Interest-only class X 'AAA';
-- $40.9 million class B 'AA';
-- $31.4 million class C 'A';
-- $6.8 million class D 'A-';
-- $16.4 million class E 'BBB+';
-- $13.6 million class F 'BBB';
-- $13 million class G 'BBB-';
-- $18.4 million class H 'BB+';
-- $8.9 million class J 'BB';
-- $8.2 million class K 'BB-';
-- $8.9 million class L 'B+';
-- $13 million class M 'B';
-- $5.5 million class N 'B-'.
Fitch does not rate the $38.2 million class O certificates.
The rating affirmations reflect the stable performance of the underlying collateral. The transaction has not paid down since issuance and has suffered no losses to date.
The certificates are collateralized by all or a portion of 57 classes in 19 separate underlying fixed rate CMBS transactions. The weighted average rating factor (WARF) of the underlying classes is 17.0 ('BB'/'BB-'), stable from issuance. The classes' ratings are based on Fitch's actual rating, or on Fitch's internal credit assessment for those classes not rated by Fitch.
Delinquencies in the underlying transactions are as follows: 30 days: 0.03%; 60 days: 0.06%; 90+ days: 0.2%; in foreclosure: 0.1%; and real estate owned (REO) 0.3%.