Correction: Fitch Affirms Chase Commercial Mtge Sec Corp., Ser 1996-2.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 16, 2000 In a press release dated July 25, 2000, the rating for Chase Commercial Mortgage Securities Corp., Series 1996-2, Class B was reported as `BBB'. The correct rating is `AA' as referenced in the first paragraph. The corrected text of the entire release is to follow. 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 1996-2, $37.9 million Class A-1, $128.2 million Class A-2 and interest-only Class X are affirmed at `AAA' by Fitch. In addition, the following classes are also affirmed, the $17.0 million Class B at `AA', the $15.7 million Class C at `A', the $13.1 million Class D at `BBB' and the $5.2 million Class E at `BBB-`. The $13.1 million Class F, the $9.2million Class G and the $6.5 million Class H are not rated by Fitch. The rating affirmations follow Fitch's annual review of this transaction, which closed in December 1996. The certificates are currently collateralized by 94 multifamily and 2 manufactured housing community mortgage loans. By outstanding balance, the pool consists of 98% multifamily properties. The properties are located in 22 states, with concentrations in Texas (15.4%), Illinois (12.5%) and Florida (10.3%). The majority of the loans mature in 2006 (86.9%). As of the June 2000 distribution date, the transactions' aggregate principal balance has decreased 6% to $245.8 million. One property, representing 1.3% of the pool is 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] ) and specially serviced. All of the remaining loans are current. The Master Servicer, 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. , collected operating statements for 100% of the loans remaining in the pool. The year-end 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 ) for the pool is a 1.58 times (x), compared to a 1.48x as of year-end 1998. Five loans, comprising 5.4% of the pool's outstanding collateral balance, have a DSCR below 1.0x for the year-end 1999. Fitch will continue to monitor the performance of this transaction. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in 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 and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
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