Fitch Affirms J.P. Morgan Chase Commercial Mortgage 2004-PNC1.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 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 2004-PNC1, as follows: -- $22.2 million class A-1 at 'AAA'; -- $128.3 million class A-2 at 'AAA'; -- $98 class A-3 at 'AAA'; -- $426.2 million class A-4 at 'AAA'; -- $241 million class A-1A at 'AAA'; -- Interest-only class X at 'AAA'; -- $28.8 million class B at 'AA'; -- $13.7 million class C at 'AA-'; -- $17.8 million class D at 'A'; -- $11 million class E at 'A-'; -- $16.5 million class F at 'BBB+'; -- $11 million class G at 'BBB'; -- $21 million class H at 'BBB-'; -- $2.7 million class J at 'BB+'; -- $6.9 million class K at 'BB'; -- $4.1 million class L at 'BB-'; -- $5.5 million class M at 'B+'; -- $2.7 million class N at 'B'; -- $2.7 million class P at 'B-'. Fitch does not rate the $15.1 million class NR certificates. The rating affirmations reflect the minimal reduction of the pool collateral balance since issuance. As of the July 2006 distribution date, the pool has paid down 2.04% to $1.07 billion from $1.10 billion at issuance. There are no delinquent or specially serviced loans. The largest loan in the pool, Centro Retail Portfolio (12.5%), has investment grade credit assessment. The loan is secured by seven anchored retail properties, 14.9% located in 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, and 7.5% in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . Occupancy as of year-end 2005 remains relatively stable at 94.6%. 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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