Fitch Upgrades Beckman Coulter Net Lease Pass-Through Certificates BC 2000-A

  Fitch Upgrades Beckman Coulter Net Lease Pass-Through Certificates BC 2000-A

Business Wire

CHICAGO -- June 21, 2013

Fitch Ratings upgrades the rating on one class of Beckman Coulter, Inc.,
series BC 2000-A. The Rating Outlook has been revised to Stable from Positive.
A detailed list of rating actions follow at the end of this release.

KEY RATINGS DRIVERS

The upgrade is the result of stable performance at the two collateral
properties and creditworthiness of the tenant. The single tenant at both
properties, Danaher Corporation, is an investment grade-rated tenant that
operates five distinct business segments that specialize in the manufacturing,
design, and marketing of products and services focused in the life sciences
industry.

RATINGS SENSITIVITY

The Stable Outlook reflects that no future rating actions are anticipated. The
lease payments cover the debt service for the life of the transaction and
credit enhancement will continue to increase due to loan amortization.

The loans are secured by two single-tenant office/research and development
facilities, located in Brea, CA and Miami, FL and comprising a total of
approximately 1.1 million square feet. Each property is subject to a triple
net lease in which the tenant is obligated to remit rental payments at a rate
reflecting an amount equal to the loan's principal and interest payments. The
leases expire within one month of the loans' maturity dates of June 30, 2018.
Assuming no defaults or prepayments, the confined balance of the loans at
maturity is expected to be approximately $53.1 million ($46 per square foot).

The loan remains current on its principal and interest payments. As part of
its analysis, Fitch took the current in-place rents and deducted market
vacancy factors, market management fees, and assumed capital expenditures and
leasing costs in order to derive a normalized operating cash flow for the
properties. The resulting stressed debt service coverage ratio, which gives
credit for amortization and is based upon Fitch's stressed cash flow and a
debt service constant of 9.66%, is 1.55 times (x).

As of the July 2012 distribution date, the pool's aggregate certificate
balance has decreased 20% to C$87.7 million from C$109.7 million at issuance.
The loans mature Nov. 15, 2018 and have a weighted-average coupon of 7.5%.

Fitch has upgraded the following:

--$92.2 million class A to 'BB' from 'BB-'; Outlook revised to Stable from
Positive.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage
Transactions' (Sept. 21, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831

Additional Disclosure

Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=794262

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Contact:

Fitch Ratings
Primary Analyst
Jay Bullie, +1-312-368-2079
Associate Director
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1-212-606-2341
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com