Fitch Downgrades 1 & Upgrades 6 Classes of SBMS VII 2000-C2.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. downgrades the following certificates from Salomon Brothers Mortgage Securities (SBMS SBMS Southwestern Bell Mobile Service SBMS Spanish Broadcast & Media Services (University of California) SBMS State Bureau of Surveying and Mapping SBMS South Brandywine Middle School (PA, USA) ) VII, Inc., series 2000-C2: -- $8.8 million class M certificates to 'C' from 'CC'. In addition, Fitch upgrades the following classes: -- $33.2 million class C certificates to 'AAA' from 'A'; -- $7.8 million class D certificates to 'AAA' from 'A-'; -- $11.7 million class E certificates to 'AA+' from 'BBB+'; -- $13.7 million class F certificates to 'A' from 'BBB'; -- $9.8 million class G certificates to 'BBB+' from 'BBB-'; -- $21.5 million class H certificates to 'BBB-' from 'BB+'. Also, Fitch affirms the following classes: -- $469.2 million class A-2 at 'AAA'; -- Interest-only class X at 'AAA'; -- $33.2 million class B at 'AAA'; -- $13.7 million class J at 'BB'; -- $5.9 million class K at 'BB-'. -- $5.9 million class L at 'B-'. Class N remains at 'C'. Class A-1 has been paid off in full. The non-rated class P has been depleted as a result of the losses taken in the disposition of the Metatec loan. The downgrade of class M reflects an increase in expected losses of several specially serviced loans which Fitch expects will deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. class N and significantly impact class M. Interest shortfalls are currently affecting classes J, K, L, M, N, and P. The upgrades reflect the improved credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing levels from loan payoffs, amortization and the defeasance of an additional 13 loans (6.6%) since Fitch's last rating action. As of the February 2006 distribution date, the pool's aggregate certificate balance has been reduced 18.2% since issuance, to $639.0 million from $781.5 million. Eight loans (7.4%) are currently in special servicing. The largest specially serviced loan (2.3%) is secured by a 251,365 square foot (sf) retail center located in Baltimore, MD. Foreclosure sale occurred in November of 2005 and the property is currently real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ). The special servicer is marketing the property for sale. Based on recent appraisal valuations, significant losses are expected upon the liquidation of this asset. The second largest specially serviced loan (1.3%) is secured by 136,796 sf office property located in Houston, TX. This loan has been REO since November of 2003 and the special servicer has been marketing the property for sale. Several interested parties have been identified, and are currently being qualified. Based on recent appraisal valuations, losses are expected upon the sale of this asset. 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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