Fitch Rates $588.63MM Bayview Commercial Asset Trust 2007-1.NEW YORK -- Fitch rates Bayview Commercial Asset Trust (BCAT BCAT Brooklyn Community Access Television (Brooklyn, New York) BCAT Blasingame Clinical Assessment Tools BCAT Binary Colloidal Alloy Test BcaT branched-chain aminotransferase BCAT Birmingham Centre for Arts Therapies ) 2007-1 asset backed securities as follows: --$395,860,000 class IO certificates, class SIO SIO Scripps Institution of Oceanography SIO Studentsamskipnaden i Oslo SIO Serial Input/Output SIO Social Investment Organization (Canada) SIO Senior Intelligence Officer SIO Service Information Octet (SS7) certificates, class A-1 and class A-2 notes (the 'senior notes') 'AAA'; --$27,200,000 class M-1 'AA+'; --$18,500,000 class M-2 'AA'; --$16,380,000 class M-3 'AA'; --$16,150,000 class M-4 'AA-'; --$16,150,000 class M-5 'A+'; --$18,200,000 class M-6 'A'; --$18,350,000 class B-1 'BBB+'; --$17,700,000 class B-2 'BBB'; --$44,140,000 class B-3 'BBB-'. The 'AAA' rating on the senior securities reflects the 32.92% initial subordination provided by the 4.61% class M-1, the 3.14% class M-2, the 2.78% class M-3, the 2.74% class M-4, the 2.74% class M-5, the 3.08% class M-6, the 3.11% class B-1, the 3.00% class B-2, the 7.48% class B-3, and initial overcollateralization (OC) of 0.25%. Additional credit enhancement will be provided by growing OC resulting from the use of accelerated principal payment amounts - which are derived from interest on the mortgage loans. The target OC is 5.00%. The ratings on the certificates and notes reflect the quality of the underlying collateral and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction. In addition, the ratings reflect the capabilities of Wells Fargo Bank, N.A. as master servicer, The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. as indenture trustee, and Wilmington Trust Company as owner trustee. The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by senior liens on commercial, multifamily, and mixed-use properties and unimproved land with an aggregate principal balance of $590,105,915. As of the cut-off date of Jan. 1, 2007, the mortgage loans had a weighted average current loan-to-value ratio (CLTV CLTV Combined Loan To Value CLTV Collective CLTV ChicagoLand Television CLTV Customer Life Time Value ) of 69.09%, weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. (WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. ) of 10.147%, weighted average remaining term to maturity (WAM) of 278 months and an average principal balance of $313,386. Property types include multifamily (23.51%), mixed-use (17.09%), retail (13.66%) and office (11.46%), among others with concentrations under 10%. The three largest state concentrations are California (12.04%), Florida (11.09%) and Texas (9.04%). Distributions of principal and interest will be made on the 25th day of each month commencing in February 2007. Interest will be distributed to all classes sequentially. Principal distributions will be made concurrently to all notes on a pro rata basis. 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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