Fitch Ratings Affirms WBCMT Series 2003-C3.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. affirms Wachovia Bank Commercial Mortgage Trust's (WBCMT) 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 2003-C3, as follows: -- $232.3 million class A-1 'AAA'; -- $477.8 million class A-2 'AAA'; -- $910.5 million class IO-I 'AAA'; -- $717.8 million class IO-II 'AAA'; -- $36.3 million class B 'AA'; -- $12.9 million class C 'AA-'; -- $25.8 million class D 'A'; -- $12.9 million class E 'A-'; -- $10.5 million class F 'BBB+'; -- $12.9 million class G 'BBB'; -- $12.9 million class H 'BBB-'; -- $22.3 million class J 'BB+'; -- $9.4 million class K 'BB'; -- $7 million class L 'BB-'; -- $2.3 million class M 'B+'; -- $7 million class N 'B'; -- $4.7 million class O 'B-'. Fitch does not rate the $23.4 million class P certificates. The rating affirmations are the result of the transaction's stable performance since issuance. As of the July 2005 distribution date, the pool's aggregate certificate balance has decreased 2.94% to $910.5 million from $937.3 million. To date, there have been no loan payoffs or losses. Fitch reviewed the only credit assessed loan in the pool, the Residence Inn Portfolio (3.56%). The year-end (YE) 2004 Fitch stressed debt-service coverage ratio Debt-service coverage ratio Earnings before interest and income taxes, divided by interest expense plus the quantity of principal repayments divided by one minus the tax rate. (DSCR DSCR See: Debt-service coverage ratio ) is 2.04x, an increase from 1.62x YE 2003 and 1.96x at issuance. The Fitch stressed DSCR is calculated by taking the average of the Fitch constant DSCR, to reflect balloon risk, and the Fitch term DSCR, to reflect term risk. Occupancy increased to 77% YE 2004 from 75% YE 2003. The loan maintains an investment-grade assessment. Currently, there are no delinquent loans or loans in special servicing. 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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