CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed 21 classes of CD Commercial Mortgage Trust commercial mortgage pass-through certificates series 2007-CD5 due to stable performance since Fitch's last review. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Fitch modeled losses of 6.9% of the remaining pool; expected losses on the original pool balance total 9.6%, including $83.8 million (4% of the original pool balance) in realized losses to date. Fitch has designated 53 loans (34.6%) as Fitch Loans of Concern, which includes 11 specially serviced assets (15.1%).

As of the October 2013 distribution date, the pool's aggregate principal balance has been reduced by 19.6% to $1.68 billion from $2.09 billion at issuance. No loans are defeased. Interest shortfalls are currently affecting classes K through S.

The largest contributor to expected losses is the specially-serviced Lincoln Square loan (9.5% of the pool), which is secured by a 405,978 square foot (sf) office property located in Washington, D.C. The property encompasses one-half of the block surrounded by 10th, 11th, E and F Streets and is located within the East End submarket of Washington, D.C.

The loan transferred to the special servicer in November 2013 due to imminent default. The second largest tenant is scheduled to vacate the property at year-end 2013 which will bring the occupancy to approximately 87%. Fitch's conservative value estimate reflects the upcoming vacancy; however, given the property's strong location and recent sales comparables in the submarket, losses may not be incurred.

The second largest contributor to modeled losses is a 73,000 sf retail property (0.9%), located in Culpeper, VA. The loan was transferred to the Special Servicer in March 2011 for imminent default. The property became real estate owned (REO) in February 2012. The receiver is working to stabilize the property prior to marketing for sale. A recent appraisal indicates significant losses.

The third largest contributor to expected losses is the specially-serviced Mission Mill Creek loan (1.1%), which is secured by a 336 unit multifamily property, located in Antioch, TN. Loan was transferred to the Special Servicer in February 2013 due to delinquent payments. The loan is currently more than 90 days past due. Occupancy was 57.1%, as of July 2013. The servicer is negotiating with the borrower while dual-tracking foreclosure.

RATING SENSITIVITY

Rating Outlooks on classes A-4 through A-JA remain Stable due to increasing credit enhancement and continued paydown. Rating Outlooks on classes B through E are Negative due to uncertainty surrounding the largest loan in the pool being transferred to special servicing. If the sponsors are unable to lease up the vacant space or if other issues arise downgrades to these classes are possible.

Fitch affirms the following classes and revises Rating Outlooks and REs as indicated:

--$20.9 million class B at 'BBBsf', Outlook to Negative from Stable;

--$20.9 million class C at 'BBsf', Outlook to Negative from Stable;

--$18.3 million class F at 'CCCsf', RE 50%;

--$20.9 million class G at 'CCsf', RE 0%.

Fitch affirms the following classes as indicated:

--$937.8 million class A-4 at 'AAAsf', Outlook Stable;

--$198.7 million class A-1A at 'AAAsf', Outlook Stable;

--$168.7 million class AM at 'AAAsf', Outlook Stable;

--$40.7 million class A-MA at 'AAAsf', Outlook Stable;

--$111.8 million class AJ at 'BBBsf', Outlook Stable;

--$27 million class A-JA at 'BBBsf', Outlook Stable;

--$20.9 million class D at 'BBsf', Outlook Negative;

--$18.3 million class E at 'Bsf', Outlook Negative;

--$23.6 million class H at 'CCsf', RE 0%;

--$23.6 million class J at 'Csf', RE 0%;

--$20.9 million class K at 'Csf', RE 0%;

--$9.6 million class L at 'Dsf', RE 0%;

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

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

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

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

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

Fitch previously withdrew the ratings on the interest-only class XP and XS certificates. ClassesA-1 through A-AB have been paid in full. Fitch does not rate class S.

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

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

Additional Disclosure

Solicitation Statushttp://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=809010

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