Fitch Downgr Kmart Corp P-T Trusts Series 1995 K-1 & K-2.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 7, 2002 Kmart For the Australasian department store chain, see Kmart Australia. "K-Mart" is also a nickname for NBA player Kenyon Martin. Kmart is a chain of department stores in the United States, Puerto Rico, the U.S. Virgin Islands, and Guam. Corporation Pass-Through Trusts, $67 million series 1995 K-1 and $82 million series 1995 K-2 are downgraded to `B+' from `BB+' by Fitch fitch: see polecat. . The rating follows Fitch's review of the transaction as a result of the revision of Fitch's corporate rating of Kmart. The transaction closed in May 1995. The certificates are currently collateralized by an assignment of rents on 16 properties guaranteed by absolute net leases to Kmart Corporation (Kmart), in which Kmart is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay rental payments with no setoff setoff (offset) n. a claim by a defendant in a lawsuit that the plaintiff (party filing the original suit) owes the defendant money which should be subtracted from the amount of damages claimed by plaintiff. , abatement A reduction, a decrease, or a diminution. The suspension or cessation, in whole or in part, of a continuing charge, such as rent. With respect to estates, an abatement is a proportional diminution or reduction of the monetary legacies, a disposition of property by will, when or reduction. Although one of the properties is vacant and no longer operating as Kmart, the ratings of this transaction depend entirely on the rating of Kmart's senior debt obligations. Fitch downgraded its ratings of Kmart to `B+' from `BB+' and revised the Rating Outlook to Negative from Stable (see press release dated Jan. 7, 2002). Fitch will continue to monitor the performance of this transaction and the ratings of the corporate credit, as surveillance is on-going. |
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