Fitch Downgrades 1 Class, Upgrades 6 Classes of Bear Stearns Series 1999-WF2.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. takes the following actions on Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Commercial Mortgage Securities, commercial mortgage pass-through certificates, series 1999-WF2: Fitch downgrades the following class: -- $4.1 million class L to 'CC' from 'CCC'. Fitch upgrades the following classes: -- $43.2 million class B to 'AAA' from 'AA+'; -- $43.2 million class C to 'AA' from 'A'; -- $10.8 million class D to 'AA-' from 'A-'; -- $27.0 million class E to 'A-' from 'BBB'; -- $10.8 million class F to 'BBB+' from 'BBB-'; -- $21.6 million class G to 'BBB-' from 'BB+'. In addition, Fitch affirms the following classes: -- $76.8 million class A-1 at 'AAA'; -- $525.8 million class A-2 at 'AAA'; -- Interest only class X at 'AAA'; -- $16.2 million class H at 'BB'; -- $8.1 million class I at 'BB-'; -- $9.5 million class J at 'B+'; -- $10.8 million class K at 'B-'. Fitch does not rate the $3.6 million class M. The downgrade reflects the expectation that losses will reduce the balance of class M to zero and significantly impair the balance of class L. The upgrades represent the increased 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 due to paydown and defeasance since Fitch's last rating action. As of the August 2005 distribution date, the pool's aggregate balance has been reduced by 24.9%, to $811.5 million from $1.08 billion at issuance. Fourteen loans (8.2%) have already been defeased. The transaction has realized $7.2 million in losses since issuance. Currently, there are three loans (2.47%) in special servicing. The largest asset (1.14%) is collateralized by a retail center in Waterford Township, MI and is 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 current occupancy at the property is 42% as a result of K-Mart rejecting their Builder's Square lease in 2002. The special servicer is marketing the property for sale. Based on current valuations for the property, a loss is projected upon liquidation. The second largest specially serviced loan (0.87%) is a 440-unit multifamily property in Jackson, MS. The loan was transferred to the special servicer in January of 2005 due to monetary default. The special servicer is preparing to initiate foreclosure actions on this property. 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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