Bear Stearns 1998-C1's Ctfs Affirmed By Fitch.Business Editors CHICAGO--(BUSINESS WIRE)--Aug. 23, 2000 Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Commercial Mortgage Securities Inc.'s commercial 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 1998-C1 $111.4 million Class A-1, $417.2 million Class A-2 and notional no·tion·al adj. 1. Of, containing, or being a notion; mental or imaginary. 2. Speculative or theoretical. 3. Class X are affirmed at `AAA' by Fitch. Also affirmed by Fitch: $35.7 million Class B at `AA'; $32.2 million Class C at `A'; $32.2 million Class D at `BBB'; $8.9 million Class E at `BBB-`; $12.5 million Class F at `BB+' and $5.4 million Class H at `BB-`. Fitch does not rate the $12.5 million Class G, $17.9 million Class I, $4.6 million Class J or $6.1 million Class K certificates. These rating affirmations follow Fitch's annual review of the transaction, which closed in June of 1998. The certificates are collateralized by 146 fixed-rate commercial mortgage loans. Significant property concentrations include retail (39%), office (17%), multifamily (14%), industrial (11%) and hotel (6%). The properties are located in 29 states with significant concentrations in California (28%), 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 (16%) and Florida (9%). As of the July 2000 distribution date, the pool's aggregate balance had been reduced by 2.5% to $696.6 million from $714.7 million. ORIX Real Estate Capital Markets, as master servicer, collected 1999 year-end operating statements operating statement See income statement. for 109 loans or 80.7% of the pool's outstanding balance. The 1999 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 for those loans that reported both 1999 and 1998 financial statements (76.3% of the outstanding pool balance) is 1.80 times (x) compared to 1.71x in 1998. A stress scenario was run in which five loans, representing 2.8% of the pool, were assumed to default at various loss rates. Two of the loans are 30 days delinquent but not in special servicing, and the remaining three loans, while current, have shown significant decline in net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from issuance. Even under these stress scenarios, subordination levels remained sufficient to affirm ratings. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
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