Fitch Places 1 Class of Morgan Stanley 1996-WF1 on Rating Watch Negative.NEW YORK -- Fitch Ratings places one class of Morgan Stanley Capital I, Inc. commercial mortgage pass-through certificates, series 1996-WF1, on Rating Watch Negative as follows: --$21.2 million class G at 'A'. The placement of the class on Rating Watch Negative is due to an August 2006 appraisal reduction in the amount of $6.24 million on the 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] ) asset. As of the September 2006 distribution date, the appraisal reduction resulted in a $63,635 ASER Aser (ā`sər), variant of Asher. interest advance reduction which has caused interest shortfalls to class G. In addition, interest shortfalls continue to incur on the non-rated class H. At this time, the master servicer was not able to specify how long the interest shortfalls are expected to continue to incur. However, shortfalls may be repaid absent any future special servicing expenses. 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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