CREST G-STAR 2001-1 Limited Partnership Interest Certificates Rated 'B'.NEW YORK -- Fitch rates the following note issued by CREST G-STAR 2001-1, LP and CREST G-STAR 2001-1 Corp. (collectively referred to as the co-issuers): --$30,377,167 limited partnership interest certificates 'B'; The rating on the limited partnership interest certificates addresses the likelihood that investors will receive the ultimate stated balance of principal by the legal final maturity date. The limited partnership interest certificates are the lowest priority in the liability structure and are paid from excess funds from the payment account when available. The analysis incorporates $15,842,528 of distributions paid to date to the limited partnership interest certificates. The ratings are based upon the capital structure of the transaction, the quality of the collateral, the stable performance of the transaction, and the overcollateralization (OC) and interest coverage tests provided for within the transaction documents. Additionally, the ratings address the experience and capabilities of GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Institutional Advisors, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (GIA Noun 1. GIA - a terrorist organization of Islamic extremists whose violent activities began in 1992; aims to overthrow the secular Algerian regime and replace it with an Islamic state; "the GIA has embarked on a terrorist campaign of civilian massacres" ) as the investment manager. GIA is a Fitch 'CAM1' rated structured finance CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the asset manager. The transaction is collateralized by a diversified investment portfolio consisting of approximately 51% in real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) securities, 41% in commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ), 4% in commercial mortgage loans, and 2% in a real estate CDO. The collateral supporting the structure is static with no reinvestment or discretionary trading and has a 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 8.49 ('BBB-/BB+'). Upon the breach of a coverage test as outlined in the governing documents, the notes will start the process of paying down principal sequentially beginning with class A principal. The investment manager, GIA, manages all investments for the portfolio on behalf of the co-issuers, which are special purpose companies incorporated under the laws of the Cayman Islands and Delaware, respectively. For additional information on structural and others features of CREST G-STAR 2001-1, LP/Corp. see the Fitch Ratings new issue report, available on the Fitch Ratings Web site at 'www.fitchratings.com'. |
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