CDC Depositor Trust ST I/IA/IB $2.08B P-T Affd By Fitch IBCA.Business Editors NEW YORK--(BUSINESS WIRE)--April 10, 2000 CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation Depositor Trust ST I, 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 1998- ST I, series 1998-ST 1A, and series 1999-ST IB $965.1 million class A-1, A-1A, and A-1B is affirmed at `AAA'. In addition, the $214.2 million class A-2 and A-2A is affirmed at `AA', the $201.6 million class A-3 and A-3A at `A', the $175.9 million class A-4 and A-4A at `BBB', the $76.2 million class A-5 at `BBB-', the $201.6 million class B-1 and B-1A at `BB', the $75.6 million class B-2 and B-2A at `B', and the $37.7 million class B-3 and B-3A at `B-'. Each series of certificates was offered pursuant to Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. of the Securities Act of 1933. Fitch IBCA's ratings do not address the likelihood of receipt of prepayment premiums, unamortized premiums on premium loans, default interest or excess interest. The ratings reflect the current actual 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 as of March 17, 2000 provided to the various classes in the following amounts: A-1, A-1A, and A-1B (53.5%), A-2 and A-2A (43.2%), A-3 and A-3A (33.5%), A-4 and A-4A (25.0%), A-5 (21.3%), B-1 and B-1A (11.6%), B-2 and B-2A (7.9%), and B-3 and B-3A (6.1%). Per the pooling and servicing agreement, collateral was substituted April 7, 2000. Collateral removed from the transaction totaled $182.2 million. New collateral and additional fundings on existing loans, totaling $182.3 million, was substituted into the pool. Collateral for the pool now totals $2.08 billion. No additional certificates will be offered. The transaction's actual credit enhancement is greater than the amount 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 requires. Fitch IBCA requires the following credit enhancement: classes A-1, A- 1A, and A-1B (46.5%), A-2 and A-2A (37.5%), A-3 and A-3A (29.0%), A-4 and A-4A (21.0%), A-5 (18.5%), B-1 and B-1A (10.0%), B-2 and B-2A (7.0%), and B-3 and B-3A (5.5%). The transaction is structured as a financial asset securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. investment trust (FASIT FASIT Financial Asset Securitization Investment Trust ) which allows collateral to be substituted or added to the pool in March and Sept., subject to certain conditions including rating agency affirmation. The present mortgage pool consists of 127 mortgage loans secured by 200 properties. Positive factors include: good loan and geographic diversity; a high percentage (27.5%) of the total balance is secured by cross-collateralized and cross-defaulted mortgages on multiple properties; and a high percentage (84.8%) of the total balance has lock box accounts. Other positive features include the absence of servicer advancing to the unrated class; the presence of Lend Lease Asset Management, L.P. (formerly known as AMRESCO Management, Inc.) as the special servicer; and the integrity of the transaction's legal and financial structures. Concerns addressed in the analysis include: the number of transitional properties, the amount of additional leverage or preferred equity outstanding (15.7%); and the remaining portion of the pool (14.2%) that can earn-out with the ability for soft seconds to be created as part of a future advance. Lend Lease Asset Management, L.P. is the special servicer. LaSalle Bank LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. National Association is the trustee and ABN AMRO Bank N.V., the corporate parent of the trustee, is the fiscal agent. Both have a back-up advancing obligation. Elections were made to treat portions of the trust fund as either a FASIT or a grantor trust Grantor trust A mechanism of issuing MBS wherein the mortgages' collateral is deposited with a trustee under a custodial or trust agreement. for federal income tax purposes. |
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