Fitch Affirms J.P. Morgan 2000-FL1 Mortgage Pass-Thru Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--May 24, 2001 J.P. Morgan Commercial Mortgage Finance Corp.'s 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 2000-FL1, $374.5 million class A and interest-only classes X1 and X2 are 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 `AAA' by Fitch. In addition, $35.8 million class B certificates are affirmed at `AA', $40.3 million class C at `A', $38.8 million class D at `BBB', $11.9 million class E at `BBB-', $14.9 million class F at `BB+', $22.4 million class G at `BB`, $23.9 million class H at `B`, and the $9 million class J at `B-`. The $14.9 million class NR certificates are not rated by Fitch. The rating affirmations follow Fitch's annual review of the transaction, which closed in June 2000. As of the May 2001 distribution date, the pool's aggregate principal balance has been reduced by approximately 5.7%, from $622.2 million at closing to $586.5 million. No loans have been 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. since closing. Three loans have paid off since closing. In addition, eight loans (3.2%), which were in special servicing due to maturity, have paid off since the last distribution date. No other loans were in special servicing. No loans have realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. . The certificates are currently collateralized by 54 floating-rate mortgage loans, consisting primarily of retail (31% by balance), office (19%), hotel (15%), and multifamily (15%) properties, with significant concentrations in Texas (21%), Virginia (13%), and California (18%). ORIX Real Estate Capital Markets, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the master servicer, collected year-to-date 2000 property operating statements operating statement See income statement. for 43 loans (86% by balance) as follows: Dec. 31, 2000 (7%), Sept. 30, 2000 (77%), and June 30, 2000 (2%). The 2000 weighted average DSCR DSCR See: Debt-service coverage ratio for these loans was 1.53 times (x) compared to 1.37x (for the same loans) at closing. Fitch reviewed the exception report and found 48 loans with missing assignments and three loans with deeds of trust/mortgages not recorded. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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