Fitch Affirms & Removes From Rating Watch Negative DLJ 1999-CG1 Class B-8.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 14, 2004 DLJ DLJ Distributor License for Java DLJ Donaldson, Lufkin & Jenrette Inc. DLJ Drive Like Jehu (band) DLJ Defence Laboratory Jodhpur (India) DLJ Dead Letter Journal Commercial Mortgage Corp's 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 1999-CG1, $12.4 million class B-8 is affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'B-' and removed from Rating Watch Negative by 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. . In addition, Fitch affirms the following classes: -- $133.4 million class A-1A 'AAA'; -- $686.2 million class A-1B 'AAA'; -- Interest-only class S 'AAA'; -- $58.9 million class A-2 'AA'; -- $65.1 million class A-3 'A'; -- $18.6 million class A-4 'A-'; -- $46.5 million class B-1 'BBB'; -- $15.5 million class B-2 'BBB-'; -- $37.2 million class B-3 'BB+'; -- $21.7 million class B-4 'BB'; -- $9.3 million class B-5 'BB-'; -- $12.4 million class B-6 'B+'; -- $12.4 million class B-7 'B'. The $17.9 million class C is not rated by Fitch. The removal of Class B-8 from Rating Watch Negative is due to the recent liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of one specially serviced loan, which has resulted in a slightly lower loss than expected. As of the January 2004 distribution date, three loans (2%) are in special servicing. Of the three, one is pending return to the master servicer due to the recent leasing of vacant space and two are not expected to be resolved in the immediate future. The largest specially serviced loan, Holiday Inn New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded Veterans (1%), is a limited-service hotel located in Metaire, LA, and is currently owned by the trust. The special servicer has completed improvements to the property and performance has improved. The second largest specially serviced loan is Becker Village Mall (1%), a retail property located in Roanoke Rapids Roanoke Rapids, industrial city (1990 pop. 15,722), Halifax co., N N.C., on the Roanoke River near the Virginia line; founded 1893, inc. 1931. The city's industries include health care, paper products, lumber, transportation, vehicle parts, and printing and publishing. , NC. The space vacated by Kmart in June 2002 remains vacant and the mall continues to compete unfavorably with a nearby Wal-Mart Supercenter. As of the January 2004 distribution date, the pool's aggregate principal balance has been reduced by 7% to $1.15 billion from $1.24 billion at issuance. To date, there have been losses in the transaction totaling $6.9 million. Fitch will continue to monitor the transaction as surveillance is ongoing. |
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