Chase CMSC 2000-FL1 Affirmed By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 18, 2001 Chase Commercial Mortgage Securities Corp., 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 2000-FL1 is affirmed by Fitch as follows: $164.9 million class A at `AAA', $25 million class B at `AA', $21.3 million class C at `A', $7.4 million class D at `A-', $15.5 million class E at `BBB' and $7.4 million class F at `BBB-'. Fitch does not rate classes G, H, I and OC. The rating affirmations follow Fitch's annual review of the transaction, which closed in December 2000. The affirmations reflect the current performance of the loans and the financial structure of the transaction. No loans are delinquent or in special servicing and one loan totaling $27 million (8.6% of the original balance) has paid off. The financial structure allocates all principal payments on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis among all the outstanding classes until a sequential trigger is met. The ratings assigned at closing reflect the worst case stressed scenario once the deal converts to a sequential payment structure. Master servicing on this transaction was recently switched to 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 Commercial Mortgage Corp. from the Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. . GMAC provided year-end (YE) 2000 financials for 20 of the 22 loans. The net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from the loans were essentially unchanged from the closing of the transaction to year-end 2000. Fitch anticipates rapid payoffs over the next year as all of the loans have an original maturity date in 2002. The lockout lockout, intentional closing up of a company, factory, or shop by an employer to prevent employees from working during a strike or labor dispute. The term lockout period for fifteen of the loans (65% of the remaining pool) will expire by Jan. 9, 2002 allowing the borrowers to seek new financing. All of the remaining loans have the ability to extend the maturity for one year, at the borrower's option. The pro rata financial structure of this transaction makes rating upgrades due to pay-downs unlikely. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion