Fitch Affirms Lehman-UBS Westfield Trust Series 2001-WM1.Business Editors CHICAGO--(BUSINESS WIRE)--March 10, 2003 LB-UBS Westfield Trust commercial 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 2001-WM $91.1 million class A-1, 425.5 million class A-2 and interest-only class X are affirmed at 'AAA' by 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. . In addition, Fitch affirms the $65.1 million class B at 'AA', $59.3 million class C at 'A', $45.6 million class D at 'A-', $23.5 million class E at 'BBB+', $25 million class F at 'BBB' and $54 million class G at 'BBB-'. The rating affirmations follow Fitch's annual review of the transaction which closed in August 2001. The affirmations are due to the relatively stable performance of the transaction since issuance. Fitch's stressed year-end 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 2001 declined slightly to 1.31 times (x) from 1.35x at issuance. Fitch's DSCR utilizes borrower provided net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics ) adjusted for capital expenditures and a weighted average debt constant of 9.34%. The pool is secured by nine cross-collateralized and cross-defaulted regional malls located primarily in California (55.6%) and Missouri (39.2%), with one property located in Connecticut (5.1%). Occupancy levels for the malls has remained flat from issuance with a weighted average of approximately 94%. In-line sales per square foot for the portfolio were down only slightly and remained on par with those reported at issuance. Fitch will continue to closely monitor this transaction as surveillance is ongoing. |
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