Fitch Affirms PNC MAC's 1999-CM1 P-T Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 8, 2000 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 Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1999-CM1, $117.4 million class A-1A, $433.7 million class A-1B, and interest-only class S are affirmed at 'AAA' by Fitch. In addition, the following certificates are affirmed: $40.0 million class A-2 at 'AA'; $34.2 million class A-3 at 'A'; $13.3 million class A-4 at 'A-'; $24.7 million class B-1 at 'BBB'; $9.5 million class B-2 at 'BBB-'; $10.5 million class B-6 at 'B+'; and $5.7 million class B-8 at 'B-'. Fitch does not rate the class B-3, B-4, B-5, B-7, C, and D certificates. The affirmations follow Fitch's annual review of the transaction, which closed in December 1999. The certificates are collateralized by 207 fixed-rate mortgage loans consisting of multifamily (39%), retail (26%), and office (18%) properties. There are large geographic concentrations in California (15%), Texas (12%), and 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 (9%). The pool also consists of a qualifying credit tenant lease A credit tenant lease is a method of financing real estate. The landlord borrows money to finance the property and pledges as security the rents to be received from the tenant. (CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) loan (0.3% of the pool) guaranteed by CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Corporation. As of the November 2000 distribution date, the pool's collateral balance has been reduced by approximately 0.8%, to $754.5 million from $760.4 million at closing. Midland Loan Services L.P., the master servicer, collected year-end 1999 financial statements for 129 loans, or 63% of the pool balance. According to the information provided, the 1999 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 1.38 times (x), compared to the underwritten DSCR for the same loans of 1.34x. Ten loans (10.4% of the pool) have year-end 1999 DSCRs below 1.00x, including four loans secured by multifamily properties. In addition, one loan (0.2% of the pool) is in special servicing due to a technical default. As part of Fitch's analysis, the loans identified as potential problems were assumed to default at various stress scenarios. The resulting subordination levels were sufficient to maintain the current ratings. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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