[2] S&P: NationsLink Fndng Corp 1999-LTL Off Watch, Affmd.NEW YORK--(BUSINESS WIRE)--Standard & Poor's-- Nov. 8, 1999-- Standard & Poor's today removed NationsLink Funding Corp. commercial loan pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size series 1999-LTL-1 (NLFC-99LTL-1) from CreditWatch Negative and affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. its ratings. The transaction was placed on Credit Watch Negative on Oct. 21, 1999, reflecting Standard & Poor's assessment of Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. Corp.'s corporate credit rating, which now stands at double-'B' and remains on CreditWatch Negative. The transaction is primarily comprised of credit tenant loans with a significant percentage of support from lease payments due from Rite Aid Corp. Standard & Poor's believes that Rite Aid's current corporate credit rating adequately supports the ratings of the NLFC-99LTL-1 certificates at existing credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing levels. Standard & Poor's Structured Finance Ratings Group, however, will track Rite Aid's situation while its corporate ratings remain on CreditWatch Negative.--CreditWire. RATINGS AFFIRMED AND OFF CREDITWATCH NEGATIVE Class Rating A-1, A-2, A-3 'AAA' B 'AA' C 'A' D 'BBB' E 'BB' F 'B' |
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