Correction: Fitch Ratings Affirms WBCMT Series 2003-C3.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 a corrected rating of 'A-' for class E.) Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms Wachovia Bank Commercial Mortgage Trust's (WBCMT) 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 2003-C3, as follows: -- $245.2 million class A-1 'AAA'; -- $477.8 million class A-2 'AAA'; -- $36.3 million class B 'AA'; -- $12.9 million class C 'AA-'; -- $25.8 million class D 'A'; -- $12.9 million class E 'A-'; -- $10.5 million class F 'BBB+'; -- $12.9 million class G 'BBB'; -- $12.9 million class H 'BBB-'; -- $22.3 million class J 'BB+'; -- $9.4 million class K 'BB'; -- $7.0 million class L 'BB-'; -- $2.3 million class M 'B+'; -- $7.0 million class N 'B'; -- $4.7 million class O 'B-'. Fitch does not rate the $23.4 million class P certificates. The rating affirmations follow Fitch's review of the transaction, which closed in February 2003. As of the June 2004 distribution date, the pool's aggregate certificate balance has decreased 1.48% to $923.4 million from $937.2 million. To date, there have been no loan payoffs or losses. Fitch reviewed the one credit assessed loan in the pool, the Residence Inn Portfolio (3.57%). The loan is secured by five Residence Inn extended-stay hotel properties, located in California, Missouri California is a city in Moniteau County, Missouri, United States. The population was 4,005 at the 2000 census. It is the county seat of Moniteau CountyGR6. It is part of the Jefferson City, Missouri Metropolitan Statistical Area. , Ohio, and Georgia, consisting of 776 rooms. As of year-end (YE) 2003, the Fitch-stressed 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 ) has decreased to 1.62 times (x) from 1.96x at issuance. The decline in the DSCR was a result of a one-time increase in repair and maintenance expenses at the Columbus, OH property. Occupancy for YE 2003 increased to 75%, compared with 65% at issuance for this property. The loan maintains an investment-grade assessment. Currently, there are no delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans or specially serviced loans. |
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