Aetna Series 1995-C5 Affirmed 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 -- Aetna 1995 Commercial Mortgage Trust's multiclass 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 1995-C5, affirmed 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: -- Interest-only class X at 'AAA'; -- $11.0 million class D at 'AAA'; -- $28.8 million class E at 'AAA'; -- $35.5 million class F at 'AAA'. The $18.8 million class G and the $18.8 million class H are not rated by Fitch. The affirmations reflect the pool's stable performance. As of the June 2004 distribution date, the pool's aggregate certificate balance has been reduced by 75% to $112.9 million from $443.3 million at issuance. GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage Corp., the master servicer, collected year-end (YE) 2003 financials for 85% of the pool. Based on the information provided, the resulting YE 2003 weighted average debt service coverage ratio The debt service coverage ratio (DSCR), or debt service ratio, is the ratio of net operating income to debt payments on a piece of investment real estate. It is a popular benchmark used in the measurement of an income-producing property’s ability to produce (DSCR DSCR See: Debt-service coverage ratio ) is 1.79 times (x) compared to 1.45x at issuance. The largest loan in the pool (15%) is secured by a retail center in Pittsburgh, PA. The property's performance has improved, with a YE 2003 DSCR of 2.09x compared to 1.46x at issuance. The center was 100% occupied as of YE 2003. One loan (8%), secured by a retail center in Steubenville, OH, is currently 90+ days delinquent and in special servicing. The note is expected to be sold shortly and losses are expected. Fitch is concerned with the shifts in loan and property type concentrations. The top five loans represent 57% of the pool compared to 15% at issuance. The certificates are currently collateralized by 12 mortgage loans consisting primarily of office (56%) and retail (40%) and properties. |
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