Fitch Ratings Affirms 1251 Avenue of the Americas; Off Rating Watch Negative.Business Editors CHICAGO--(BUSINESS WIRE)--April 9, 2003 1251 Avenue of the Americas Trust, series 1999 - XL 1251 $40.3 million class A-1, $188 million class A-2, and $341.5 million interest-only class X are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. and removed from Rating Watch Negative at 'AAA' by 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. . In addition, Fitch affirms the following classes: $60.4 million class B at 'AA', $52.8 million class C at 'A', $21.9 million class D at 'A-' and $67.4 million class E at 'BBB'. The affirmation and removal of classes A-1, A-2 and X from Rating Watch Negative, following the borrower's acceptance of insurance coverage made available by its all risk insurance provider under the Terrorism Risk Insurance Act The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. of 2002 (TRIA TRIA Terrorism Risk Insurance Act of 2002 TRIA Term Requirement in Average ). The property now has terrorism insurance Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very in place at full replacement cost. Upon renewal of the property's insurance on Sept. 1, 2003, Fitch will again assess the adequacy of the terrorism insurance in place. In the event that there is insufficient insurance to cover the outstanding balance of classes A-1 and A-2, downgrades may be necessary. |
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