CREST 2003-1 Rated 'AAA/AA/A-/BBB' By Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--March 20, 2003 CREST 2003-1, Ltd's and CREST 2003-1, Corp.'s (collectively referred to as the co-issuers) $217 million class A-1 notes and $5 million class A-2 notes are rated 'AAA' 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. . Additionally, Fitch rates the $24 million class B-1 notes and $36 million class B-2 notes 'AA', $28 million class C-1 notes and $47 million class C-2 notes 'A-' and $10 million class D-1 notes and $53 million class D-2 notes 'BBB'. The ratings on the class A-1, class A-2, class B-1 and class B-2 notes address the timely payment of interest and ultimate repayment of principal. The ratings on the class C-1, class C-2, class D-1 and class D-2 notes address the ultimate payment of interest and the ultimate repayment of principal. The ratings are based on the capital structure, quality and diversity of the portfolio assets and the experience and capabilities of Structured Credit Partners (SCP (1) (Service Control Point) A node in an SS7 telephone network that provides an interface to databases, which may reside within the SCP computer or in other computers. ) as collateral administrator. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from issuance are used to purchase a diversified portfolio consisting of commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. and real estate investment trust securities, which is bound by the 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 38.4 (between 'BB+' and 'BB'). The portfolio is 100% funded as of closing and there will be no reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in the transaction. Quarterly payments will begin in May 28, 2003 for all classes of notes. For a detailed description of Fitch's rating analysis, please see the report titled 'G-STAR 2003-1', dated Feb. 10, 2003 and available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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