AMRESCO Series 1997-C1 Upgraded by Fitch Ratings.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- AMRESCO Commercial Mortgage Funding I Corp.'s mortgage 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 1997-C1, are upgraded by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. as follows: --$9.6 million class F to 'AAA' from 'AA+'. The following classes are 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. by Fitch: --$67.2 million class A-3 'AAA'; --Interest-only class X 'AAA'; --$24 million class B 'AAA'; --$12 million class C 'AAA'; --$21.6 million class D 'AAA'; --$26.4 million class E 'AAA'; --$31.2 million class G 'BBB-'; --$4.8 million class H 'BB+'; --$7.2 million class J 'B'; --$2.4 million class K 'B-'. Fitch does not rate the $11.1 million class L certificates. The upgrades are primarily the result of increased subordination levels due to loan payoffs and amortization. As of the January 2005 distribution date, the pool's aggregate principal balance has been reduced by 54% to $217.4 million from $480.1 million at issuance. Realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. to date total $938,463 or 0.20% of the original principal balance. Seven loans (14.3%) are in special servicing, including three 90 days delinquent loans (3.9%). A foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. is in process for two of these delinquent loans (3.08%), an office property in Salt Lake City, UT (1.6%) and an industrial property in Leominster, MA (1.5%). Additionally, a discounted payoff is expected for the third loan (0.75%), secured by a retail property in Tonawanda, NY (0.75%). Four of the specially serviced loans (10.4%) are cross-collateralized and secured by multifamily properties in Tulsa, OK. The loans, previously delinquent, have been brought current and are expected to be returned to the master servicer shortly. |
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