Fitch Ratings Affirms SASCO 1996-CFL.CHICAGO -- Structured Asset Securities Corp's (SASCO SASCO ST (Singapore Technologies) Aviation Services Co. SASCO South African Students Congress SASCO Sudanese Aeronautical Services Co. Ltd ) multiclass pass-through certificates, series 1996-CFL, is affirmed as follows by Fitch: --$7.8 million class G at 'AAA'; --$48.0 million class H at 'AAA'; --Interest-only classes X-1 and X-2 at 'AAA'; --$67.2 million class I at 'BB+'. Classes J and P are not rated by Fitch, and classes A through F have paid in full. The affirmations reflect increased credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing offsetting increasing concentrations within the pool. The transaction has paid down 92.9% since issuance, to $135.6 million from $1.9 billion at issuance. The largest loan represents 14.7% of pool, and the top five represent 40.2%. Currently there are two assets being specially serviced (18.2%). The larger specially serviced loan is collateralized by the largest loan in the pool, the Kmart Distribution Center (14.7%) located in Ocala, FL. The loan is expected to return to the master servicer shortly. The second specially serviced asset is a 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] ) retail property located in Douglas, GA (3.4%). Winn Dixie vacated the property and the borrower was unable to keep the loan current. The special servicer has not yet listed the property for sale. Losses are possible, however, they are anticipated to be absorbed by the NR class. 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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