Fitch Affirms LB-UBS 2000 C-3 Mortgage Pass-Through Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 26, 2001 Lehman Brothers-UBS Commercial Mortgage Trust, 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 C-3's $387.9 million class A-1 certificates, $641.3 million class A-2 certificates and $1,293.3 million interest-only class X certificates are affirmed at `AAA'. In addition, the following certificates are affirmed: $71.8 million class B at `AA', $49.0 million class C at `A', $19.6 million class D at `A-', $13.1 million class E at `BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +', $13.1 million class F at `BBB', $11.8 million class G at `BBB-', $20.9 million class H at `BB+', $16.3 million class J at `BB', and $9.8 million class K at `BB-'. Classes L, M, N, and P are not rated. The rating affirmations follow Fitch's annual review of the transaction, which closed in May 2000. As of the September 2001 distribution date, the pool's principal balance had been reduced by 0.9% to $1.294 billion from $1.306 billion at closing. The certificates are collateralized by 173 mortgage loans secured by 179 commercial and multifamily properties. The pool is well diversified among 30 states, with the largest concentrations in California (15.2% of the pool's current balance), 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 (14.5%), Maryland (14.5%), and Colorado (12.6%). Retail properties account for 51% of the pool's current balance. First Union National Bank, as master servicer, collected 87% of year-end 2000 operating statements. For the loans that reported statements at year-end, 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 (DSCR DSCR See: Debt-service coverage ratio ) remained essentially flat at 1.47 times (x) in 2000 compared to 1.46x at issuance. Of the pool, 33% consists of `AA' shadow rated proceeds related to four loans. The ten largest loans, representing 45% of the pool balance, reported WADSCR WADSCR Weighted Average Debt Service Coverage Ratio of 1.64x, 2000 compared to 1.61x at issuance. There is one loan in special servicing (0.07% of the pool) which is now current. Approximately 7.8% of the loans by total certificate balance are on First Union's watch list. The watch list includes Sangertown Square The Sangertown Square, is a mall located in New Hartford, New York off Rts. 5 and 5A near Utica. The mall was built in 1980 and has about 100 stores. This mall is owned by The Pyramid Companies. Shopping Center (Sangertown), a regional mall, located in New Hartford, New York New Hartford, New York may refer to:
The transaction contains several CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic loans (2.0% of the pool) of which all underlying credit ratings have remained constant since underwriting, except for one which had a significant deterioration (1.1% of the pool). There are five loans with DSCRs less than 1.00x (0.6% of the pool). After discussions with the servicer regarding the watch list loans and other loans with performance decline, Fitch determined that the current subordination levels are sufficient to affirm the ratings. Fitch has reviewed the document exceptions report prepared by the trustee, LaSalle Bank, NA, which identified 82% of the loans by number with exceptions. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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