CNC Series 1994-1 P-T Certificates Affirmed By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 17, 2000 CNC's 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 1994-1 classes are 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. by Fitch as follows: the $46.7 million class A-1, the $39.1 million class A-2 and the $36.3 million class A-3 at `AA'; the $9.8 million class B at `BBB'; the $7.8 million class C at `BB'; and the $7.8 million class D at `BB'. The rating affirmations follow Fitch's annual review of the transaction, which closed March 1994. As of the Oct. 2000 distribution date, the certificate principal balance has been reduced by 23%, from $192.1 million at closing to $147.6 million. There are 62, of the original 68, loans remaining in the pool, which are secured by retail properties originally net-leased to seven different credit tenants, with six remaining. Tenant concentrations are primarily Kmart 44%, Wal-Mart 39%, and Food Lion Food Lion LLC is an American grocery store company headquartered in Salisbury, North Carolina that operates approximately 1,300 supermarkets in 11 Southeast and Mid-Atlantic states under the Food Lion, Harveys, Bloom, Bottom Dollar, and Reid's nameplates. 11%. A $1.5 million evergreen evergreen, term commonly used as synonymous with conifer and applied also to all those broad-leaved plants that bear green leaves throughout the year. Of the latter, most are plants of the tropics, subtropics, and other areas where the growing season is prolonged (e. reserve fund is available to cover any residual real estate risk. Four loans, representing approximately 4.2% of the pool's outstanding collateral balance, were considered loans of concerns. Two stores, formerly occupied by Wal-Mart and Walgreens are vacant and up for lease. The former tenants of two additional stores, Wal-Mart and Kmart, have vacated their spaces but the spaces are currently being leased to other tenants. Timely payments continue to come directly from the mentioned original credit tenants. In order to address these concerns, Fitch ran a stressed scenario increasing the probability of lease disaffirmation dis·af·firm tr.v. dis·af·firmed, dis·af·firm·ing, dis·af·firms 1. To deny or contradict. See Synonyms at deny. 2. Law To repudiate. to equal 100%. Even under the stress scenario, subordination levels remained sufficient to affirm ratings. Fitch will continue to monitor the transaction, as surveillance is ongoing. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in 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 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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