Fitch Affirms WAMU 2007-SL2

  Fitch Affirms WAMU 2007-SL2

Business Wire

NEW YORK -- July 11, 2013

Fitch Ratings has affirmed 13 classes of WAMU Commercial Mortgage Securities
Trust 2007-SL2 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 sufficient credit enhancement due to
scheduled amortization and paydown. Given the small balance nature of the
loans, Fitch ran additional stresses by applying additional higher cap rate
scenarios. Given these scenarios, the Rating Outlook for the investment grade
classes was deemed to be Stable.

Fitch modeled losses of 7.6% of the remaining pool; expected losses on the
original pool balance total 7%, including $21.3 million (2.5% of the original
pool balance) in realized losses to date. Fitch has designated 112 loans (26%)
as Fitch Loans of Concern, and 25 loans (5%) are in special servicing.

As of the June 2013 distribution date, the pool's aggregate principal balance
has been reduced by 40.2% to $492.7 million from $823.8 million at issuance.
No loans are defeased. Interest shortfalls are currently affecting classes H
through N.

The largest contributor to expected losses is the specially-serviced loan
(0.8% of the pool), which is secured by a 45,421 square foot (sf)
industrial/warehouse property located in Elk Grove, CA. The loan was
transferred to special servicing in May 2012 due to imminent default. The
borrower is in the process of marketing the property. The special servicer and
borrower continue discussions towards a resolution of the loan.

The next largest contributor to expected losses is the specially-serviced loan
(0.7%), which is secured by a 26,872 sf mixed use property located in
Lynbrook, NY. The loan was transferred to special servicing in June 2010 for
imminent default. Per the special servicer, a settlement has been reached in
principal to execute a short sale through the bankruptcy court.

The third largest contributor to expected losses (0.3%) is secured by a 47,000
sf retail property located in San Dimas, CA. The single tenant at the property
vacated in April 2011 and as last reported the property was vacant. No updates
were available on leasing activity.

RATING SENSITIVITY

Rating Outlooks on classes A and A1A remains Stable due to increasing credit
enhancement and continued paydown. The rating outlook on class B remains
Negative due to the small balance nature of the loans and lack of updated
operating performance on many of the loans. Loss severities on smaller balance
loans have been higher than typical CMBS loans. Should additional loans become
specially serviced and/or loss estimates increase further downgrades are
possible.

Fitch affirms the following classes and revises Recovery Estimates (RE) as
indicated:

--$46.4 million class A at 'BBB-sf', Outlook Stable;

--$348.6 million class A1A at 'BBB-sf', Outlook Stable;

--$17.9 million class B at 'BBsf', Outlook Negative;

--$25.3 million class C at 'CCCsf', RE 100%;

--$16.8 million class D at 'CCsf', RE 100%;

--$6.3 million class E at 'Csf', RE 45%;

--$7.4 million class F at 'Csf', RE 0%;

--$13.7 million class G at 'Csf', RE 0%;

--$4.2 million class H at 'Csf', RE 0%;

--$5.3 million class J at 'Csf', RE 0%;

--$833,900 class K at 'Dsf', RE 0%;

--$0 class L at 'Dsf', RE 0%;

--$0 class M at 'Dsf', RE 0%.

Fitch does not rate the class N certificates. Fitch previously withdrew the
rating on the interest-only class X certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS
transactions is available in the Dec. 18, 2012 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' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria'
(Dec. 18, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=796150

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings, Inc.
Primary Analyst
Lisa Cook, +1-212-908-0665
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Britt Johnson, +1-312-606-2341
Senior Director
or
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com