Fitch Ratings Affirms Salomon Brothers, Series 1999-C1.Business Editors NEW YORK--(BUSINESS WIRE)--July 3, 2003 Salomon Brothers
Salomon Brothers was a Wall Street investment bank. Mortgage Securities VII, Inc.'s commercial mortgage 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 , series 1999-C1, $123.0 million class A-1, $355.7 million class A-2, and the interest-only class X are affirmed 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, the following classes are also affirmed by Fitch: the $38.6 million class B at 'AA', the $38.6 million class C at 'A', the $11.0 million class D at 'A-', the $27.6 million class E at 'BBB', the $11.0 million class F at 'BBB-', the $14.7 million class G at 'BB+', the $20.2 million class H at 'BB', the $9.2 million class J at 'BB-', the $16.5 million class K at 'B', and the $7.3 million class L at 'B-'. Fitch does not rate the $16.5 million class M certificates. The rating affirmations follow Fitch's annual review of the transaction, which closed in August 1999. The rating affirmations reflect the consistent loan performance and minimal reduction of the pool collateral balance since closing. GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage Corp., the master servicer, collected year-end (YE) 2002 financials for 76% of the pool balance. Based on the information provided the resulting YE 2002 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 (DSCR DSCR See: Debt-service coverage ratio ) is 1.65 times (x) compared to 1.49x at issuance for the same loans. Two loans (0.51%) reported YE 2002 DSCRs below 1.00x. Currently, 3 loans (2.58%) are in special servicing and are also 90+ days delinquent. The largest loan (1.00%) is secured by a multifamily property in Houston, TX. The property has mold infestation infestation /in·fes·ta·tion/ (-fes-ta´shun) parasitic attack or subsistence on the skin and/or its appendages, as by insects, mites, or ticks; sometimes used to denote parasitic invasion of the organs and tissues, as by helminths. , with 21% of the units off line. The next largest specially serviced loan (0.93%) is secured by a hotel in Altamonte Springs, FL. A receiver is in place and negotiations regarding the sale of the property continue. Losses are expected on this loan. The third specially serviced loan (0.64%) is secured by a retail property in North Randall, OH. The property is currently 74% vacant; losses are expected. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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