Anthracite 2004-HY1 Ltd./Corp. Rated 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 -- Fitch has rated the following Anthracite anthracite (ăn`thrəsīt'): see coal. anthracite or hard coal Coal containing more fixed carbon than any other form of coal and the lowest amount of volatile (quickly evaporating) material, giving it the 2004-HY1 Ltd. and Anthracite 2004-HY1 Corp.: -- $23,791,000 class A notes due June 20, 2041 'AAA' -- $28,117,000 class B notes due June 20, 2041 'AA' -- $21,628,000 class C notes due June 20, 2041 'A+' -- $19,898,000 class D notes due June 20, 2041 'A-' -- $33,408,000 class E notes due June 20, 2041 'BBB' -- $17,995,000 class F notes due June 20, 2041 'BBB-' The ratings reflect the 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 provided to each class by subordination of junior classes, the positive and negative features of the underlying collateral, and the integrity of the legal and financial structures, including advancing for liquidity by the master servicer and the trustee of each underlying commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ) transaction. The ratings do not address the likelihood or frequency of principal prepayments or the receipt of prepayment premiums, default interest, additional interest or penalties. The ratings on the class A and B notes address the timely payment of interest and ultimate payment of principal, and the ratings on the class C, D, E, and F notes address the ultimate payment of interest and principal as outlined in the governing documents. The certificates are directly or indirectly secured by a portfolio consisting of all or a portion of 33 fixed-rate subordinated classes and first loss positions from 14 CMBS transactions. Anthracite 2004-HY1 is a static transaction with no ramp-up and reinvestment periods. The collateral supporting the structure has been selected by BlackRock Financial Management, Inc., and the portfolio has a Fitch weighted average rating factor (WARF WARF Wisconsin Alumni Research Foundation WARF Wide Aperture Research Facility WARF Wartime Active Replacement Factors WARF weighted-average risk factor WARF Wartime Attrition and Replacement Factors WARF Whylie Animal Rescue Foundation ) of 43.38 ('CCC+/CCC'). Periodic interest payments on the notes will be paid monthly for classes A through D starting in December 2004, with the class E and F notes receiving interest payments quarterly beginning in January 2005. The notes have a stated maturity Stated maturity For the CMO tranche, the date the last payment would occur at zero CPR. of June 2041. For more information, see the presale report 'Anthracite 2004-HY1, Ltd./Corp.,' dated Oct. 20, 2004, available on the 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. web site at 'www.fitchratings.com'. |
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