Fitch Affirms J.P. Morgan Series 2000-C9; Assigns Outlooks.CHICAGO -- 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 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-C9, and assigns Rating Outlooks as follows: --$318.7 million class A-2 at 'AAA'; Outlook Stable; --Interest-only class X at 'AAA'; Outlook Stable; --$36.6 million class B at 'AAA'; Outlook Stable; --$38.7 million class C at 'AAA'; Outlook Stable; --$10.2 million class D at 'AAA'; Outlook Stable; --$28.5 million class E at 'AAA'; Outlook Stable; --$14.3 million class F at 'AAA'; Outlook Stable; --$14.3 million class G at 'AA'; Outlook Stable; --$20.4 million class H at 'BB+'; Outlook Negative. Fitch does not rate the $16.4 million class J certificates. The class K and class NR certificates have been reduced to zero due to 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 class A-1 has been paid in full. The rating affirmations are due to stable overall pool performance since the last Fitch rating action. In total 62.8% of the pool has defeased, including nine of the top 10 loans (31%). As of the February 2009 distribution date, the pool has paid down 38.8% to $498 million from $814.4 million at issuance. Rating Outlooks reflect the likely direction of any rating changes over the next one to two years. There are two specially serviced loans (1%). The largest specially serviced asset (0.8%) is an office property in Warwick, RI. The loan is 90+ days delinquent. The property lost three tenants, accounting for 68% of the net rentable area, in 2008 due to lease expirations. The second specially serviced asset (0.3%) is a retail property in Park Ridge Park Ridge, city (1990 pop. 36,175), Cook co., NE Ill., a suburb adjacent to Chicago, on the Des Plaines River; inc. 1873. It is chiefly residential. Several national and international corporations have their headquarters in Park Ridge. Nearby is O'Hare International Airport. , IL. The loan transferred to the special servicer in March 2009. The loan is current but has a maturity date in April 2009. The property is fully occupied by one tenant which has a lease expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created in June 2009. Of the non-defeased loans, approximately 92% have a maturity or anticipated repayment date in the next 12 months. The weighted average 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 and interest rate for these loans were 1.40 times (x) and 8.15%, respectively. Fitch assigns a Negative Outlook to class H due to the near-term maturity concentration. 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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