Fitch Affirms Kmart Corporation P-T Trusts 1995 K-1 & K-2.Business Editors & Analysts NEW YORK--(BUSINESS WIRE)--July 26, 2001 Kmart Corporation Pass-Through Trusts, $67 million series 1995 K-1 and $82 million series 1995 K-2 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 `BB+' by Fitch. The rating follows Fitch's annual review of the transaction, which closed in May 1995. The certificates are currently collateralized by an assignment of rents on 16 properties guaranteed by absolute net leases to Kmart Corporation (Kmart), in which Kmart is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay rental payments with no setoff setoff (offset) n. a claim by a defendant in a lawsuit that the plaintiff (party filing the original suit) owes the defendant money which should be subtracted from the amount of damages claimed by plaintiff. , abatement A reduction, a decrease, or a diminution. The suspension or cessation, in whole or in part, of a continuing charge, such as rent. With respect to estates, an abatement is a proportional diminution or reduction of the monetary legacies, a disposition of property by will, when or reduction. Although one of the properties is vacant and no longer operating as Kmart, the ratings of this transaction depend entirely on the rating of Kmart's senior debt obligations. Fitch affirmed its ratings of Kmart at `BB+' (see press release dated May 29, 2001). Fitch will continue to monitor the performance of this transaction and the ratings of the corporate credit, as surveillance is ongoing. |
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