CDC 2002-FX1 P-T Certificates 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 -- CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation Commercial Mortgage Trust 2002-FX1 commercial mortgage pass-through certificates, series 2002-FX1 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: --$25.5 million class B to 'AAA' from 'AA'; --$9.6 million class C to 'AAA' from 'AA-'; --$20.7 million class D to 'AA' from 'A'; --$8 million class E to 'AA-' from 'A-'. --$8 million class F to 'A+' from 'BBB+'; --$12.8 million class G to 'A-' from 'BBB'; --$9.6 million class H to 'BBB+' from 'BBB-'. In addition, Fitch also affirms the following classes: --$156.1 million class A-1 'AAA'; --$304.9 million class A-2 'AAA'; --Interest-only classes X-CL and X-CP 'AAA'; Fitch does not rate classes J, K, L, M, N, P or Q. The upgrades reflect the defeasance of the largest loan in the pool, Fontainebleau Hilton (14%), which was defeased in May 2005. As of the May 2005 distribution date, the pool's certificate balance has paid down 3.4% to $615.6 million from $637.5 million at issuance. Two assets (0.9%) are in special servicing. One asset (0.6%), secured by a retail property in Vero Beach, FL, is real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ). The second asset is secured by an office property in Corpus Christi, TX. The loan is currently 60 days delinquent and the master servicer and the borrower are negotiating a loan resolution. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from this site, at all times. This document will remain on the public site for seven days. |
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