Fitch Affirms NationsLink Funding Corporation 1999-1.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 NationsLink Funding Corporation commercial 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 1999-1 as follows: --$558 million class A-2 at 'AAA'; --Interest only class X at 'AAA'; --$64.2 million class B at 'AAA'; --$61.1 million class C at 'AAA'; --$67.2 million class D at 'AAA'; --$9.2 million class G at 'A-'; --$30.6 million class H at 'BBB-'. Fitch does not rate the $33.6 million class E, $51.9 million class F, $15.3 million class J, or $25.9 million class K certificates. The class A-1 certificates are paid in full. The rating affirmations reflect the stable pool performance. To date, 63 loans (20%) have defeased. As of the December 2006 distribution report, the transaction's balance has been reduced 25% to $916.9 million from $1.2 billion at issuance. There are currently 3 loans (2.7%) in special servicing all of which are current. The largest loan (1.5%) in special servicing is a retail property in Miami, FL. The loan remains in special servicing due to a non-monetary default. The second specially serviced loan (0.8%) is a retail property located in Everett, WA. The loan transferred to special servicing in 2001 when the single tenant at the property filed for bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most and vacated. The property remains 100% occupied by a month-to-month tenant. The special servicer continues to market the property for sale. The third specially serviced loan (0.4%) is a healthcare property located in Vineland, NJ. The loan continues to perform under a forbearance Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. agreement. 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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