Fitch Affirms JP Morgan's 1999-C8 $721.6MM Pass-Through Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 22, 2000 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 1999-C8, $161.6 million class A1, $357.0 million class A2 and interest-only class X 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, the $36.6 million class B certificates are affirmed at 'AA', the $32.9 million class C at 'A', the $14.6 million class D at 'A-', the $25.6 million class E at 'BBB', the $11.0 million class F at 'BBB-', the $16.5 million class G at 'BB+', the $20.1 million class H at 'BB', the $23.8 million class J at 'B' and the $7.3 million class K at 'B-'. Fitch does not rate the $14.6 million class NR certificates. The rating affirmations follow Fitch's annual review of the transaction, which closed in August 1999. The certificates are currently collateralized by 128 commercial and multifamily mortgage loans, with significant concentrations in office (29%), retail (25%) and multifamily (21%). The properties are located in 31 different states and Canada, with significant concentrations in Florida (11%), California (10%) and Wisconsin (9%). As of the October 2000 distribution date, the pool's aggregate principal balance has decreased by 1.4% to $721.6 million from $731.5 million at closing. Midland Loan Services, the master servicer, collected 90% (by pool balance) of the year-end 1999 property financial statements. The year-end 1999 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 (DSCR DSCR See: Debt-service coverage ratio ) for those loans with financial statements is 1.55 times (x) compared to 1.40x at origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real for the same loans. Five loans (2.2% of the pool) had year-end 1999 DSCR's below 1.0x. One loan is on the master servicer watchlist, and, is currently 30-days 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. . The delinquent loan is a mixed-use property located in Danville, Indiana Danville is a town in Hendricks County, Indiana, United States. The population was 6,418 at the 2000 census. The town is the county seat of Hendricks CountyGR6. and represents 0.8% of the pool. Loans identified as potentially problematic were assumed to default at various stress scenarios. The resulting subordination levels were sufficient to maintain the current ratings. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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