Fitch Downgrades 1 Class of MLMI, Series 1997-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 Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. Mortgage Investors, Inc.'s (MLMI MLMI Merrill Lynch Mortgage Investors, Inc. ) series 1997-C2 certificates as follows: -- $6.9 million class J to 'CCC' from 'B-'. In addition, Fitch affirms the following classes: -- $346.3 million class A-2 at 'AAA'; -- Interest-only class X at 'AAA'; -- $27.5 million class B at 'AAA'; -- $41.2 million class C at 'AAA'; -- $34.3 million class D at 'AA-'; -- $37.7 million class F at 'BB'. -- $6.9 million class G at 'BB-'; -- $12 million class H at 'B'; The $12 million class E and $7.1 million class K certificates are not rated by Fitch. The downgrade of class J is the result of the expected losses on the specially serviced loans. As of the January 2005 distribution date, the pool's aggregate principal balance has paid down 22.3% to $531.9 million from $686.3 million at issuance. The certificates are currently collateralized by 125 commercial and multifamily mortgage loans, down from 147 loans at issuance. The pool is well diversified both by loan size and by geographic location. The top five loans represent only 13.6% of the pool and the largest state concentration is only 14.6% of the pool. Multifamily properties represent 46.9% of the pool. Thirteen loans (7.7%) are currently in special servicing, and losses are expected on nine of these loans upon liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy . The largest specially serviced loan (1.3%) is secured by a 100,000 square foot office property Dublin, OH and is 90+ days delinquent. The occupancy level of the property has declined as a result of weakness in the Dublin office market. Wachovia Bank, the special servicer, is in the process of putting a receiver in place as the property goes through the foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. process. This process is estimated to take approximately one year to complete. The second largest specially serviced loan (1.1%) is secured by a 288 unit multifamily property located in Charlotte, NC and is 90+ days delinquent. The occupancy level of the property has declined as a result of increased competition in the area. Based on a recent appraisal value The appraisal value is the value of a company based on a projection of future cashflows that its owners will receive from the company's assets as well as from its current and future operations. , Fitch expects a loss to incur at the time of disposition. |
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