Fitch Affirms JP Morgan's 1999-PLS1 $205.3MM P-T Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 25, 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 1999-PLS1, $59.4 million class A-1, $74.4 million class A-2 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, $10.6 million class B certificates are affirmed at 'AA', $9.5 million class C at 'A', and $10.6 million class D at 'BBB'. Fitch does not rate classes E through NR in this transaction. The rating affirmations follow Fitch's annual review of the transaction, which closed in July 1999. As of the August 2001 distribution date, the pool's aggregate principal balance has decreased by 2.8% to $205.3 million from $211.9 million at closing. Midland Loan Services, the master servicer, collected 86% (by pool balance) of the year-end 2000 property financial statements. The year-end 2000 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 these loans is 1.67 times (x) compared to 1.34x at origination. There are no specially serviced loans or loans with DSCRs below 1.0x. One loan that is 30-days delinquent is secured by a single-tenant industrial property in Grand Prairie, Texas This article is about the city in Texas. For the city in Alberta, Canada, see Grande Prairie, Alberta. Grand Prairie is a city in Dallas County (USA), with a significant overlap into Tarrant County, and a minor overlap into Ellis County. . The loan is delinquent due to a decline in sales in the tenant's business. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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