CS First Boston Series 1995-WF1 Upgraded by Fitch Ratings.Business Editors CHICAGO--(BUSINESS WIRE)--Feb. 11, 2003 Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Mortgage Securities Corp., Series 1995-WF1 is upgraded as follows: $14.6 million class D to 'AAA' from 'AA+', $19.5 million class E to 'A-' from 'BBB' and $9.8 million class F to 'BB+' from 'BB-'. In addition, the following classes were affirmed, $669,156 class C and interest-only class A-X A-X Ajax, Ontario at 'AAA'. The $7.3 million class G is not rated by Fitch. The upgrades and affirmations follow Fitch's annual review of the transaction which closed in December 1995. The upgrades are primarily due to an increase in subordination caused by the prepayments and refinancing Refinancing An extension and/or increase in amount of existing debt. of an additional 6 loans in the pool since Fitch's last review. Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. , the master servicer, collected year-end (YE) 2001 financials for all of the 19 loans remaining in the pool. Based on this information, performance on the underlying loans continues to be strong as evidenced by the weighted-average debt service coverage ratio The debt service coverage ratio (DSCR), or debt service ratio, is the ratio of net operating income to debt payments on a piece of investment real estate. It is a popular benchmark used in the measurement of an income-producing property’s ability to produce (DSCR DSCR See: Debt-service coverage ratio ). The DSCR for the loans has increased from 1.42 times (x) at issuance to 1.71x as of YE 2001. YE 2002 financial information on the loans remaining in the pool is expected mid-2003. As of the January 2003 distribution date, the collateral balance had been reduced 79% from $243.9 million at issuance to $51.9 million. The loans remaining in the transaction are secured by commercial and multifamily properties. Fitch reviewed the mortgage document exception report, which did not reveal anything of concern. The pool continues to outperform expectations with no delinquencies or specially serviced loans. There have also been no realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. . Fitch continues to have strong concerns over the concentration of retail properties (75%) and the properties located in California (73%). Fitch considered the concentrations and the lack of recent YE 2002 financial information when upgrading the certificates. Fitch will continue to monitor this transaction, as surveillance is on-going. |
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