Fitch Affirms Penn Mutual 1996-PML; Assigns Outlooks.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 and assigns Outlooks to the Penn Mutual Life Insurance Company's (Penn Mutual) commercial mortgage pass-through certificates, series 1996-PML, as follows: --Interest-only class X-1 at 'AAA'; Outlook Stable --Interest-only class X-2 at 'AAA'; Outlook Stable --$156,943 class P at 'AAA'; Outlook Stable' --$4.7 million class M at 'AA+'; Outlook Stable'. Fitch does not rate the $12.4 million class N certificates. The class A through L certificates have been paid in full. Although there has been an increase in subordination levels resulting from loan payoffs and amortization, affirmations are warranted given the increased concentration. As of the August 2007 distribution date, the pool has paid down 97.8% to $17 million from $781.6 million at issuance. Of the original 216 loans, 10 loans remain outstanding. The remaining loans were originated between 1988 and 1995 and have a strong payment history and benefit from low leverage. In addition, there are currently no delinquent or specially serviced loans and no Fitch loans of concern. Of the 10 loans remaining in the pool, only one (9.5%) remains locked out from prepayment. All other loans are free to prepay with applicable prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. or yield maintenance charges. The weighted average interest rate is 8.61% and maturity concentrations are: 2011 (19.8%); 2012 (22.7%); 2013 (5.4%); 2014 (24.0%); 2015 (8.3%); and 2016 (18.9%). The servicer reported 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 ) for year ending 2007 is 1.78 times. 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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