Fitch Downgrades 2 Classes of JP Morgan Commercial Mortgage Finance Corp. Series 2000-C10.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 JP Morgan Commercial Mortgage Finance Corp., 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-C10 as follows: -- $7.4 million class L to 'B-' from 'B'; -- $5.5 million class M to 'CC' from 'B-'. In addition, Fitch affirms the following classes: -- $25.8 million class A-1 'AAA'; -- $471.3 million class A-2 'AAA'; -- Interest only class X 'AAA'; -- $31.4 million class B 'AA+'; -- $29.5 million class C 'A+'; -- $9.2 million class D 'A-'; -- $23.1 million class E 'BBB'; -- $10.2 million class F 'BBB-'; -- $14.8 million class G 'BB+'; -- $14.8 million class H 'BB'; -- $7.4 million class J 'BB-'; -- $5.5 million class K 'B+'. Fitch does not rate the $7.4 million class NR certificates. The downgrades are attributable to the expected losses on several of the specially serviced loans. Currently, nine loans (6.7%) are in special servicing, with losses expected on six of these loans. As of the May 2005 distribution date, the pool's aggregate principal balance has been reduced 9.96% to $663.3 million from $740.1 million at issuance. The largest loan in special servicing (1.2%) is collateralized by a 57,244 square foot (sf) office property in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , CA. The loan transferred to the special servicer due to imminent default, as a result of a drop in occupancy. An unaffiliated investor has shown interest in the property and the borrower is considering entering a purchase and sale agreement. At the same time the special servicer is preparing for a foreclosure sale foreclosure sale n. the actual forced sale of real property at a public auction (often on the court house steps following public notice posted at the court house and published in a local newspaper) after foreclosure on that property as security under a mortgage or . Recent appraisal values indicate significant losses are possible upon sale of the asset. The loan remains 90 days delinquent. The second-largest loan in special servicing (1.1%) is collateralized by a 408,842 sf industrial warehouse property located in Aurora, IL. The loan transferred to the special servicer because of the borrower's request for a DPO DPO Direct Public Offering (finance/investment) DPO Direct Public Offering DPO District Police Officer (Pakistan) DPO Days Payables Outstanding DPO Document Process Outsourcing DPO Days Past Ovulation (discounted payoff), due to significant 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. expected through 2005 and 2006. Negotiations between the special servicer and the borrower are ongoing. The loan remains current. |
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