Fitch Affirms Bear Stearns Commercial Mortgage Securities Trust 2004-TOP16.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 Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Commercial Mortgage Securities Trust 2004-TOP16, 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 , as follows: --$55.1 million class A-2 at 'AAA'; --$100 million class A-3 at 'AAA'; --$100 million class A-4 at 'AAA'; --$80 million class A-5 at 'AAA'; --$676.1 million class A-6 at 'AAA'; --Interest-only class X-1 at 'AAA'; --Interest-only class X-2 at 'AAA'; --$20.2 million class B at 'AA'; --$13.1 million class C at 'AA-'; --$13 million class D at 'A'; --$15.9 million class E at 'A-'; --$10.1 million class F at 'BBB+'; --$11.6 million class G at 'BBB'; --$10.1 million class H at 'BBB-'; --$2.9 million class J at 'BB+'; --$4.3 million class K at 'BB'; --$5.8 million class L at 'BB-'; --$1.4 million class M at 'B+'; --$1.4 million class N at 'B'; --$2.9 million class O at 'B-'. Fitch does not rate the $7.2 million P class. Class A-1 has been paid in full. The affirmations are due to stable performance and minimal paydown since issuance. As of the January 2007 distribution date, the pool's aggregate principal balance has decreased 2.3% to $1.13 billion from $1.15 billion at issuance. There are currently no delinquent or specially serviced loans in the pool. Fitch maintains investment-grade credit assessments on nine loans in the trust (23%): Jersey Gardens (6.8%), New Dominion Technology Park (5.6%), Hilton Old Town (2.9%), The Fountains (2.9%), Huntington Square Plaza (1.7%), Fairview Center (1.5%), RBC Centura RBC Centura is the U.S. retail banking division of Royal Bank of Canada (RBC). The bank's headquarters are located in Raleigh, North Carolina. It was acquired by RBC in 2001. Services include banking, investment, loan, mortgage, and life insurance. Bank Portfolio (0.9%), East Water Place (0.5%), and Wilton Medical Arts (0.4%). Jersey Gardens is secured by a 1.3 million square foot (sf) super-regional mall in Elizabeth, NJ. As of October 2006 occupancy was 99%, compared to 94% at issuance. New Dominion Technology Park is secured by a 257,400 sf suburban office building in Herndon, VA. The property was 100% occupied as of Sept. 30, 2006, unchanged since issuance. Hilton Old Town is secured by a 241-room hotel in Alexandria, VA. Occupancy was 77.4% as of Sept. 30, 2006, compared to 79% at issuance. The Fountains is secured by a 332,827 sf anchored retail center in Plantation Plantation, city (1990 pop. 66,692), Broward co., SE Fla., a residential suburb of Fort Lauderdale; inc. 1953. The city has grown rapidly along with the development of S Florida. , FL. The property's occupancy was 84% as of June 30, 2006, compared to 94% at issuance. Huntington Square Plaza is secured by a 114,991 sf anchored retail center in East Northport East Northport, uninc. residential town (1990 pop. 20,411), Suffolk co., SE N.Y., on the north shore of Long Island. , NY. The property was 100% occupied as of Sept. 30, 2006, unchanged since issuance. Fairview Center is secured by a 222,546 sf anchored retail in Goleta, CA. Occupancy was 99% as of June 30, 2006, up from 95% at issuance. 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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