Fitch Downgrades 1 and Upgrades 1 Class of DLJ 1999-CG3.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 downgrades one class of DLJ DLJ Distributor License for Java DLJ Donaldson, Lufkin & Jenrette Inc. DLJ Drive Like Jehu (band) DLJ Defence Laboratory Jodhpur (India) DLJ Dead Letter Journal Commercial Mortgage Corp. mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 1999-CG3 as follows: --$9 million class B-8 to 'C/DR5' from 'CC/DR5'. In addition, Fitch upgrades the following class: --$27 million class B-3 to 'AA-' from 'A+'. Fitch also affirms the following classes: --$8.6 million class A-1A at 'AAA'; --$509.1 million class A-1B at 'AAA'; --$17.7 million class A-1C at 'AAA'; --Interest-only class S at 'AAA'; --$25 million class A-2 at 'AAA'; --$49.5 million class A-3 at 'AAA'; --$13.5 million class A-4 at 'AAA'; --$15.7 million class A-5 at 'AAA'; --$18 million class B-1 at 'AAA'; --$15.7 million class B-2 at 'AAA'; --$13.5 million class B-4 at 'BBB+'; --$9 million class B-5 at 'BBB-'; --$11.2 million class B-6 at 'BB'; --$9 million class B-7 at 'B-'; --$2.8 million class C remains 'C/DR6'. The downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. is due to an increase in Fitch expected losses on the specially serviced loans since Fitch's last rating action in August 2006, which 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 C and severely impact class B-8. The upgrade is the result of additional loan payoffs and scheduled amortization as well as the additional defeasance defeasance n. an antiquated word for a document which terminates the effect of an existing writing such as a deed, bond, or contract if some event occurs. DEFEASANCE, contracts, conveyancing. of eight loans (7.2%) since Fitch's last rating action. Since issuance, 37 loans representing 45.4% of the pool have defeased. As of the January 2007 distribution date, the pool's aggregate certificate balance has been reduced approximately 16.1% to $754.3 million from $899.2 million at issuance. There are currently four loans (2%) in special servicing and losses are expected. The largest loan (1.2%) is secured by a 183,849 square foot (sf) office property located in Richmond, VA. A Phase II environmental assessment is being conducted prior to the Trust taking title to the property. The second largest loan in special servicing (0.3%) is secured by a hotel property located in Indianapolis, IN. The Holiday Inn flag expired in September 2005 and the borrower was unable to make the required property improvement repairs (PIP) repairs. A receiver was appointed in October 2006 and 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. is scheduled for January 2007. Holiday Inn has verbally agreed to extend the franchise on a month-to-month basis after the receiver takes over operations. 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion