Fitch Rates ARCap 2004-RR3.CHICAGO -- ARCap 2004-RR3 Resecuritization, Inc., series 2004-RR3, commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. 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 are rated by Fitch fitch: see polecat. as follows: -- $50,000,000 class A-1 'AAA'; -- $272,486,000 class A-2 'AAA'; -- $545,431,371 class X* 'AAA'; -- $40,907,000 class B 'AA'; -- $31,362,000 class C 'A'; -- $6,818,000 class D 'A-'; -- $16,363,000 class E 'BBB+'; -- $13,636,000 class F 'BBB'; -- $12,954,000 class G 'BBB-'; -- $18,408,000 class H 'BB+'; -- $8,863,000 class J 'BB'; -- $8,182,000 class K 'BB-'; -- $8,863,000 class L 'B+'; -- $12,954,000 class M 'B'; -- $5,454,000 class N 'B-'; -- $38,181,371 class O is not rated. *Notional amount The notional amount (or notional principal amount or notional value) on a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument. This amount generally does not change hands and is thus referred to as notional. and interest only. All classes are privately placed pursuant to Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, primary assets of which are all or a portion of 57 classes of fixed-rate commercial mortgage-backed securities having an aggregate principal balance of approximately $545,431,371, as of the reference date. For a detailed description of Fitch's rating analysis, see 'ARCap 2004-RR3 Resecuritization, Inc., Series 2004-RR3,' dated Sept. 10, 2004, 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'. |
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