Fitch Affirms Mortgage Capital Funding 1996-MC1.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 -- 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. affirms Mortgage Capital Funding, Inc.'s commercial mortgage pass-through certificates, series 1996-MC1 as follows: --Interest-only class X-2 at 'AAA'; --$5.3 million class H at 'A'; --$3.6 million class J at 'BB+'. Fitch does not rate the $11.5 million class K certificates. Classes A-1, A-2A, A-2B, B, C, D, E, F, G and interest-only class X-1 have been paid in full. The rating affirmations reflect increased credit enhancement levels as a result of an additional 8% paydown, offset by increasing concentrations since Fitch's last rating action. As of the January 2007 distribution date, the pool's aggregate collateral balance has been reduced 95.8% to $20.4 million from $482.4 million at issuance. Fitch continues to monitor the transaction's increasing loan concentration, with only eight loans remaining in the pool. There is currently one asset (26.6%) in special servicing. The asset, a retail property in Dunn, NC, became real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ) on December 4, 2006. The special servicer is currently marketing the property. The most recent appraisal indicates losses which will be absorbed by the non-rated class K. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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