Fitch Affirms PaineWebber's $695M 1999-C1 P-T Certificates.Business Editors NEW YORK--(BUSINESS WIRE)--June 9, 2000 PaineWebber Mortgage Acceptance Corp. V'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 1999-C1, $143.5 million class A-1, $357.3 million class A-2, and interest only class X are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. `AAA' by Fitch. In addition, the $35.2 million class B is affirmed `AA', the $37.0 million class C is affirmed at `A', the $33.5 million class D at `BBB' and the $8.8 million class E at `BBB-'. The $35.2 million class F, the $24.7 million class G, the $7.4 million class H and the $12.0 million class I are not rated by Fitch. The rating affirmations follow Fitch's review of the transaction, which closed in June 1999. The certificates are currently collateralized by 176 multifamily and commercial mortgage loans, consisting primarily of multifamily (32%), retail (13%), office (13%), hotel (11%) and industrial (10%) properties. The properties are located in 34 different states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). with significant concentrations in Texas (13%), Maryland (12%), Florida (8%), New Jersey (8%), California (7%) 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 (7%). As of the May 2000 distribution date, the pool's aggregate certificate balance is $695 million, down 1.4% from origination. There is currently one specially serviced loan (0.2% of the pool) and one loan is reported over 30-days delinquent (0.2%). No loans have been over 60-days delinquent since origination. The year-end 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 ), using borrower reported financials, is 1.56 times (x) up from 1.46x at origination. 50 loans (23%) have not submitted any current operating statements operating statement See income statement. . Six loans, representing 5.8% of the pool, reported year-end 1999 DSCR's below 1.00x. Fitch will continue to monitor this transaction as surveillance is ongoing. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in over 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Banks, Corporations, Structured Finance, Insurance, Sovereigns and Public Finance Markets worldwide. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion