Fitch Ratings Affirms Bear Stearns 2000-WF2.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 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. has upgraded Bear Stearns Commercial Mortgage Securities Inc.'s commercial mortgage pass-through certificates, series 2000-WF2, as follows: --$28.3 million class B to 'AAA' from 'AA'; --$26.2 million class C to 'AA' from 'A'; --$8.4 million class D to 'A+' from 'A-'; --$23.1 million class E to 'A-' from 'BBB'; --$7.3 million class F to 'BBB+' from 'BBB-'. In addition, Fitch affirms the following: --$68.6 million class A-1 'AAA'; --$529.4 million class A-2 'AAA'; --Interest only class X 'AAA'; --$4.2 million class L 'B'; --$2.1 million class M 'B-'. Fitch does not rate classes G, H, I, J, K and N. The rating upgrades reflect the improved credit enhancement levels as a result of loan payoff, amortization, and the defeasance of 5 loans (4.5%) since Fitch's last rating action. As of January 2006 distribution date, the pool has paid down 12.56%, to $733.2 million from $838.5 million at issuance. The certificates are collateralized by 144 loans. The transaction's highest geographic concentration is in California (36%), with equal dispersion across northern and southern California. Fitch reviewed the two credit assessed loans in the pool, the MHC MHC major histocompatibility complex. MHC abbr. major histocompatibility complex MHC major histocompatibility complex. loan (11%) and the FM Global loan (4%). Both loans maintain their investment grade credit assessments. The MHC loan is secured by a portfolio of six manufactured housing communities located in Florida, California and Illinois. The loan continues to perform well with a Fitch stressed year-end (YE) 2004 weighted average debt service coverage ratio The debt service coverage ratio (DSCR), or debt service ratio, is the ratio of net operating income to debt payments on a piece of investment real estate. It is a popular benchmark used in the measurement of an income-producing property’s ability to produce (WADSCR WADSCR Weighted Average Debt Service Coverage Ratio ) of 1.52 times (x) up from 1.38x at issuance. Occupancy declined to 86%. The FM Global headquarters loan is secured by a 328,359 square foot (sf) office building located in Johnston, RI. The Fitch stressed DSCR DSCR See: Debt-service coverage ratio for YE 2004 was 4.53x, which is attributed to both the continued loan performance since issuance, and the nine year hyper-amortizing nature of the loan. The transaction contains two specially serviced loans (0.7%) from which no losses are currently expected. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion