Fitch Affirms PNC 2000-C1 Class N; Removed From Rating Watch Negative.Business Editors CHICAGO---(BUSINESS WIRE)--Aug. 15, 2002 PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Commercial Mortgage Acceptance Corp.'s 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 2000-C1, $8 million class N, currently rated 'CCC', is affirmed and removed from Rating Watch Negative 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. . Fitch also affirms the following classes: $132.9 million class A-1, $460.7 million class A-2 and interest only class X at 'AAA', $34 million class B at 'AA', $34 million class C at 'A', $10 million class D at 'A-', $26 million class E at 'BBB', $12 million class F at 'BBB-', $12 million class G at 'BB+', $18 million class H at 'BB', $8 million class J at 'BB-', $7 million class K at 'B+', $8 million class L at 'B' and $7 million class M at 'B-'. The rating affirmations follow Fitch's annual review of this transaction, which closed in June 2000. The removal of Rating Watch Negative on class N is the result of new information regarding expected losses on the loans of concern. Currently, seven loans are specially serviced (2.8%). Four loans (2.2%) have exposure to Kmart, of which two (0.7%) are in special servicing. These two are cross-collateralized and cross-defaulted and consist of stand alone Kmart stores. Kmart has rejected one lease (0.3%). Both loans recently transferred to GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage Corp (GMAC), the special servicer, after the borrower requested debt service 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. . Another specially serviced loan (0.7%), located in Columbus, OH, is affected by tenant bankruptcy with a vacant Regal Cinema. GMAC has filed for foreclosure and collected the lease guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. from Regal. GMAC has also filed foreclosure on another loan (0.1%), which is backed by an owner occupied "Owner occupied" may also refer to a housing cooperative Owner occupied is a classification of UK housing tenure as described by the Department for Communities and Local Government, a UK government department that has amongst its remit the monitoring of the UK housing stock. industrial property. This loan and the loan securing the former Regal Cinema are expected to incur losses. The three additional specially serviced loans (1.3%) are expected to be brought current and return to the master servicer. As of the August 2002 distribution date, the pool's aggregate principal balance has been reduced by 2.4% to $781.9 million from $801 million at issuance. No loans have paid off since closing. The deal benefits from diversified geographic and property type concentrations with the largest being CA (13.6%) and retail (30.3%) respectively. Midland Loan Services, the master servicer, provided year-end (YE) 2001 operating statements for 94.6% of the outstanding balance. The YE 2001 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 ) is 1.53 times (x) compared to 1.60x in YE 2000 and 1.46x at closing for 90.6% loans that reported YE statements in 2000 and 2001. There are three loans (0.6%) with DSCRs below 1.0x. Fitch analyzed the performance of the entire pool. Given the new information on expected losses, combined with overall stable pool performance, Fitch removed class N from Rating Watch Negative and affirms all ratings. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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