Fitch Downgrades 2 Classes of DLJ 2000-CKP1; Assigns Outlooks.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 classes of Commercial Mortgage Corp.'s (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 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 2000-CKP1, as follows: --$17.7 million class B-5 to 'B-/DR1' from 'B'; --$9.7 million class B-6 to 'CC/DR4' from 'CCC/DR1'; Additionally, Fitch Affirms and assigns Outlooks to the following classes: --$680.9 million class A-1B at 'AAA'; Outlook Stable; --Interest-only class S at 'AAA'; Outlook Stable; --$51.6 million class A-2 at 'AAA'; Outlook Stable; --$58 million class A-3 at 'AAA'; Outlook Stable; --$16.1 million class A-4 at 'AAA'; Outlook Stable; --$16.1 million class B-1 at 'AAA'; Outlook Stable; --$25.8 million class B-2 at 'AA-'; Outlook Stable; --$12.9 million class B-3 at 'A-'; Outlook Stable; --$33.9 million class B-4 at 'BB+'; Outlook Negative; --$2.6 million class B-7 at 'C/DR6'. Class A-1A has paid in full while classes B-8, B-9 and C certificates have been reduced to zero due to realized losses. The downgrades on classes B-5 and B-6 are due to Fitch expected losses on loans currently with the special servicer. The Negative Outlooks reflect Fitch's expected losses on the three loans (1.4%) in special servicing as well as concerns on 25 loans (9.3%) identified by Fitch as Loans of Concern. As of the January 2008 distribution date, the pool has been reduced 28.3% to $925.4 million from $1.29 billion at issuance. In addition, 53 loans (40.8%) have defeased, including eight of the top 10 loans (22.9%). The largest specially serviced loan (0.6%) is secured by a 386-unit multifamily property located in Dallas, TX. The loan transferred to the special servicer in March 2008 and the servicer has approved assumption which is expected to close on January 30, 2009. The second largest specially serviced loan (0.4%) is secured by a 200-unit multifamily property located in Sherman, TX. The loan is 90 days delinquent and the special servicer is preparing to market the property for sale. As of October 2008, servicer reported occupancy was 55% with a debt service coverage ratio The debt service coverage ratio (DSCR), or debt service ratio, is the ratio of net operating income to debt payments on a piece of investment real estate. It is a popular benchmark used in the measurement of an income-producing property’s ability to produce (DSCR DSCR See: Debt-service coverage ratio ) of 0.17 times (x). Fitch expects losses on this loan. The third largest specially serviced loan (0.3%) is secured by an 87-unit assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. center located in Great Falls, MT. The loan was transferred to the special servicer in January 2008 due to a maturity default, and foreclosure has been initiated. As of July 2008, servicer reported occupancy was 82% with a DSCR of 1.12x. The special servicer continues to work with the borrower to cure the default. Fitch reviewed the shadow rating of the 437 Madison Avenue loan (8.8%). The 437 Madison Avenue loan is secured by a 782,921 square-foot office property in midtown Manhattan with 3% rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. in 2009. The servicer-reported DSCR for the loan remains strong at 3.22x as of September 2008, compared to 3.10x for year-end 2007. As of September 2008, the property was 99% occupied. Based on its strong performance, the loan maintains an investment grade shadow rating. 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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