Fitch Ratings Affirms Washington Mutual Asset Securities 2003-C1.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 -- Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. Asset Securities Corporation (WAMU WAMU Washington Mutual WAMU West African Monetary Union ) 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-C1, 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. 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. as follows: -- $458.9 million class A at 'AAA'; -- Interest-only class X-1 at 'AAA'; -- $11.4 million class B at 'AA'; -- $2.9 million class C at 'AA-'; -- $12.9 million class D at 'A'; -- $2.9 million class E at 'A-'; -- $4.3 million class F at 'BBB+'; -- $5.7 million class G at 'BBB'; -- $2.9 million class H at 'BBB-'; -- $5.7 million class J at 'BB+'; -- $4.3 million class K at 'BB'; -- $1.4 million class L at 'BB-'; -- $2.9 million class M at 'B+'; -- $2.9 million class N at 'B'; -- $1.4 million class O at 'B-'. Fitch does not rate the $5.7 million class P certificates. The rating affirmations follow Fitch's review of the transaction, which closed in March 2003. As of the June 2004 distribution date, the pool's aggregate certificate balance has decreased 8.0% to $526.1 million from $571.9 million at issuance. One loan (0.69%) secured by a multifamily property located in Charlotte, NC is in special servicing and is currently 90 days delinquent. The property has experienced a decline in performance since issuance. A resolution is currently being discussed with the borrower; no losses are expected on the loan. |
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