Affirms JP Morgan Commercial Mtg Fin Cert Ratings.NEW YORK--(BUSINESS WIRE)--Standard & Poor's-- Aug. 3, 1999--Standard & Poor's today 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 on JP Morgan Commercial Mortgage Finance Corp.'s commercial 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 1996-C3 (see list below). The rating affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. reflects a mortgage loan pool that has exhibited steadily improving performance and stable portfolio characteristics since issuance as well as a slight increase in credit support as a result of amortization and prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. . As of June 1999, the pool consisted of 102 loans with principal balances that totaled $357.35 million. At issuance the pool consisted of 103 loans and a participation interest (in 21 fixed-rate hotel notes) with an aggregate original unpaid principal balance of $400.94 million. The pool's largest exposure was eliminated in May 1999, when the $25 million participation interest in a $73 million loan secured by a mortgage on 21 hotel properties owned and operated by Crown American Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves. Associates paid-off. The mortgages on the 21 properties were cross-collateralized and cross-defaulted. The use of the participation interest (verses owning the whole loan) served originally to reduce the pool's overall loan and borrower concentration. Several pool characteristics support the expectation for favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. continuing performance: the overall weighted average debt service coverage improved to 1.78 times (x) from 1.53x at issuance; 102 mortgage properties located in 26 states provide favorable geographic diversity; and there is a limited number of sub-performing loans. Multifamily and retail are the two most common property types at 40.2% and 30.4% of the total loan pool, respectively. As of June 1999, there are no delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans. The servicers watch list consists of five loans that represent 6.4% of the pool. The special servicer is monitoring a group of six loans representing 3.7% of the pool. However, only one $2.7 million loan secured by a shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into presents a near-term default risk. To date, the trust has not incurred any losses. Based on discussions with the servicer and special servicer, Standard & Poor's does not believe the watch list loans will result in a loss to the rated certificates; nor, is it expected that the watch list loans will have a significant impact on credit support levels of the rated subordinate classes. There are no scheduled loan maturities over the next 18 months, Standard & Poor's said. - CreditWire
OUTSTANDING RATINGS AFFIRMED
Rating
Class A1 AAA
Class A1X AAAr
Class A2 AAA
Class A2X AAAr
Class B AA
Class C A-
Class D BBB
Class E BBB-
Class F BB
Class G B
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