Fitch Affirms J.P. Morgan 2004-CIBC9.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 J.P. Morgan's commercial 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 2004-CIBC9, as follows: --$40.5 million class A-1 at 'AAA'; --$146 million class A-2 at 'AAA'; --$103.7 million class A-3 at 'AAA'; --$466.3 million class A-4 at 'AAA'; --$163.2 million class A-1A at 'AAA'; --Interest-only class X at 'AAA'; --$27.5 million class B at 'AA'; --$13.8 million class C at 'AA-'; --$20.7 million class D at 'A'; --$11.0 million class E at 'A-'; --$15.2 million class F at 'BBB+'; --$9.6 million class G at 'BBB'; --$17.9 million class H at 'BBB-'; --$2.8 million class J at 'BB+'; --$4.1 million class K at 'BB'; --$5.5 million class L at 'BB-'; --$5.5 million class M at 'B+'; --$2.8 million class N at 'B'; --$2.8 million class P at 'B-'. Fitch does not rate the $13.8 million class NR. The affirmations reflect stable pool performance and limited amortization since issuance. As of the December 2006 distribution date, the pool's aggregate principal certificate balance has decreased 2.7% to $1.07 billion compared to $1.10 billion at issuance. Currently, there is one loan (0.5%) in special servicing. The loan is secured by two industrial properties in Portage Portage (1, 2 pôr`təj; 3 pôr`tĭj). 1 Town (1990 pop. 29,060), Porter co., NW Ind., a suburb of Gary, on Lake Michigan; inc. 1959. , MI and is 90+ days delinquent. The loan transferred to special servicing in April 2006 due to delinquency. The special servicer is in negotiations with the borrower with respect to a potential workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. . Fitch-projected losses on the specially serviced loan are expected to be absorbed by the nonrated class NR. Fitch reviewed the credit assessments of both the Centro Retail Portfolio II (13.3%) and Grace Building (10.9%). Both loans maintain investment-grade credit assessments. The Centro Retail Portfolio is secured by seven, cross-collateralized anchored retail properties in Northern and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Occupancy as of June 30, 2006 is 99.8% compared to 99.3% at issuance. The Grace Building is secured by a 1,518,210-sf office building located in New York, NY. Only the A-1 note is included in the trust; the pari-passu A-2 and A-3 notes and a subordinate B-note are located outside the trust. Occupancy as of year-end (YE) 2005 is 99% compared to 98% 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion