Correction: Fitch Affirms Bear Stearns 2002-TOP8.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 -- (This is an amended version of a press release issued earlier today and contains revised information on the number of classes being affirmed in the headline.) E[acute accent]Fitch Ratings affirms Bear Stearns Commercial Mortgage Securities commercial mortgage pass-through certificates, series 2002-TOP8 as follows: E[acute accent]--$148.7 million class A-1 at 'AAA'; E[acute accent]--$538.8 million class A-2 at 'AAA'; E[acute accent]--Interest-only (I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output ) classes X-1 and X-2 at 'AAA'; E[acute accent]--$25.3 million class B at 'AA'; E[acute accent]--$28.4 million class C at 'A'; E[acute accent]--$9.5 million class D at 'A-'; E[acute accent]--$11.6 million class E at 'BBB+'; E[acute accent]--$6.3 million class F at 'BBB'; E[acute accent]--$4.2 million class G at 'BBB-'; E[acute accent]--$8.4 million class H at 'BB+'; E[acute accent]--$3.2 million class J at 'BB'; E[acute accent]--$4.2 million class K at 'BB-'; E[acute accent]--$3.2 million class L at 'B+'; E[acute accent]--$3.2 million class M at 'B'; E[acute accent]--$2.1 million class N at 'B-'. E[acute accent]Fitch does not rate the $8.4 million class O. E[acute accent]The affirmations are due to the stable pool performance and scheduled amortization. As of the January 2006 distribution date, the pool's aggregate certificate balance has decreased 4.4% to $805.4 million compared to $842.2 million at issuance. E[acute accent]There is currently one asset in special servicing. The asset (0.84% of the pool) is secured by a 182-unit garden style multi-family complex located in Conyers, GA. The asset has been real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ) since Aug. 3, 2004. The non-rated class O is sufficient to absorb the Fitch expected loss on this loan. E[acute accent]The seven credit assessed loans (31.0% of the pool) remain investment grade. Fitch reviewed operating statement analysis reports and other performance information provided by the master servicer, Wells Fargo Bank, N.A. (Wells). The 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 ) for the loans are calculated based on a Fitch adjusted net cash flow (NCF See National Cristina Foundation. ) and a stressed debt service based on the current loan balances and a hypothetical mortgage constant. E[acute accent]One Seaport Plaza (7.7%) is secured by the fee interest in a 35-story, 1.1 million square feet (sf) office building located in the insurance subdistrict of downtown Manhattan, NY. The loan consists of a 33.7% ($62.0 million) pari passu interest in a $184.3 million whole loan. The Fitch stressed DSCR as of trailing 12 months (TTM TTM Trailing 12 months. Often used with Earnings Per Share. ) ending March 2005 was 1.47 times (x) compared to 1.48x at issuance. Occupancy as of March 2005 increased to 96.8% compared to 82.0% at issuance. E[acute accent]80 Park Plaza (7.6%) is secured by one 26-story and one 3-story office building totaling 955,924 sf located in Newark, NJ. The property is 100% occupied as of August 2005, under a lease expiring in 2015 to Public Service Electric & Gas Company. The Fitch stressed DSCR as of year to date (YTD See Year-to-date. YTD See year to date (YTD). ) November 2005 was 1.44x compared to 1.53x at issuance. According to the master servicer, due to the recent deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. ordinance preventing energy companies from billing themselves, there has been a significant increase in utilities expense as the utilities expense was brought to market levels. E[acute accent]Dulles Towne Crossing (5.9%) is secured by the fee interest in a 737,558 sf power retail center in Sterling, VA. Wal-Mart, Lowe's, and Sam's own their own buildings (418,047 sf) and are on ground leases through 2021 with numerous extension options. Additional tenants include: Best Buy, Nordstrom Rack, Bed, Bath & Beyond, Dick's Sporting Goods Dick's Sporting Goods (NYSE: DKS) is the largest full-line sporting goods retailer in the world. It is headquartered in Pittsburgh, Pennsylvania, USA and has locations in thirty-four states with 314 stores. and T.J. Maxx. As of June 2005, the property is 100% occupied compared to 99% at issuance. The Fitch stressed DSCR as of year-end (YE) 2004 increased to 1.52x compared to 1.39x at issuance. E[acute accent]Skyway Terrace Apartments (2.0%) is secured by a 348-unit garden style apartment complex located in San Jose, CA. Occupancy as of August 2005 has remained stable at 97.0% compared to 96.6% at issuance. Fitch adjusted YE 2004 net cash flow has declined 17.0% since issuance. The Fitch stressed DSCR as of YE 2004 decreased to 1.81x from 2.13x at issuance. E[acute accent]The remaining three credit assessed loans have remained stable since issuance. E[acute accent]Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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