Fitch Affirms & Removes from Rating Watch Chase Comm. Mtg. Sec. Corp., 1999-2.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 -- 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 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 1999-2, as follows: -- $65.2 million class A-1 at 'AAA'; -- $469.3 million class A-2, at 'AAA'; -- Interest-only class X at 'AAA'; -- $41.1 million class B at 'AA'; -- $37.2 million class C at 'A'; -- $11.7 million class D at 'A-'; -- $27.4 million class E at 'BBB'; -- $11.7 million class F at 'BBB-'; -- $27.4 million class G at 'BB+'; -- $7.8 million class H at 'BB'; -- $6.8 million class I at 'BB-'; -- $8.8 million class J at 'B+'; -- $6.8 million class K at 'B'; -- $5.9 million class L at 'B-'. $16.4 million class M is not rated by Fitch. The rating affirmations reflect the transaction's performance and minimal reduction in the pool's collateral balance since issuance. In addition, Fitch removes classes J, K, and L from Rating Watch Negative. Interest shortfalls continue to affect the below investment grade classes I, J, K, and L and are expected to continue for the next six months. As of the September 2004 distribution date, the pool's aggregate collateral balance has been reduced by approximately 4.8% to $743.6 million from $782.7 million at issuance. Wachovia Securities Wachovia Securities, located in Richmond, Virginia (soon to be moved to St. Louis), is the third largest brokerage firm in the United States as of 2006 with $689 billion retail client assets under management. It is a subsidiary of Wachovia Corporation. , as master servicer, collected year-end (YE) 2003 financials for 86% of the pool. The YE 2003 comparable weighted 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 ) was 1.38x, compared with 1.30x at issuance. Four loans comprising 5% of the pool are currently in special servicing. The largest specially serviced loan (2.2%) is secured by a flex office/warehouse complex located in Englewood, CO and is currently 90 days 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. . The loan was transferred to the special servicer in October 2003 due to imminent default as a result of declining occupancy due to a slow market. The special servicer and borrower are currently in the process of finalizing terms of a loan modification. The next largest loan in special servicing (2.1%) is a multifamily property located in Austin, TX. The loan is current and pending return to the master servicer. |
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