Fitch Downgrades 2 Classes of SBMS VII Series 2000-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 downgrades the following certificates from Salomon Brothers Mortgage Securities (SBMS SBMS Southwestern Bell Mobile Service SBMS Spanish Broadcast & Media Services (University of California) SBMS State Bureau of Surveying and Mapping SBMS South Brandywine Middle School (PA, USA) ) VII, Inc., series 2000-C2, and assigns a Distressed Recovery (DR) rating to one certificate as follows: -- $5.9 million class K certificates to 'B' from 'BB-'. -- $5.9 million class L certificates to 'CCC/DR3' from 'B-'. Fitch also affirms the following classes: -- $457.3 million class A-2 at 'AAA'; -- Interest-only class X at 'AAA'; -- $33.2 million class B at 'AAA'; -- $33.2 million class C certificates at 'AAA'; -- $7.8 million class D certificates at 'AAA'; -- $11.7 million class E certificates at 'AA+'; -- $13.7 million class F certificates at 'A'; -- $9.8 million class G certificates at 'BBB+'; -- $21.5 million class H certificates at 'BBB-'; -- $13.7 million class J certificates at 'BB'. -- $8.8 million class M remains at 'C'/Distressed Recovery rating lowered to 'DR6' from 'DR1'. -- $2.7 million Class N remains at 'C/DR6'. The downgrade of classes K and L reflects an increase in Fitch projected losses on several specially serviced loans, which Fitch expects to deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. Class N and Class M and significantly impact class L. As of the August 2006 distribution date, the pool's aggregate certificate balance has been reduced 20% since issuance, to $625.1 million from $781.5 million. Seven assets (6.8%) are currently in special servicing. The largest specially serviced asset (2.3%) is secured by a 251,365 square foot (sf) retail center located in Baltimore, MD. 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 occurred in November 2005 and the property is currently 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 special servicer is marketing the property for sale. Several tentative offers have been received for the purchase of the property. Based on recent appraisal valuations, significant losses are expected upon the liquidation of this asset. The second largest specially serviced asset (1.3%) is secured by 136,796 sf office property located in Houston, TX. It has been REO since November 2003 and the special servicer has been marketing the property for sale. Several interested parties have been identified, and are currently being qualified. Based on recent appraisal valuations, substantial losses are expected upon the sale of this asset. Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the 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. web site at www.fitchratings.com. 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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