Fitch Ratings Upgrades 3 Classes Bear Stearns 2003-PWR2.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 fitch: see polecat. upgrades Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Commercial Mortgage Securities Inc.'s 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-PWR2, as follows: -- $26.7 million class B to 'AAA' from 'AA+'; -- $28.0 million class C to 'AA-' from 'A+'; -- $9.3 million class D to 'A+' from 'A'. In addition, Fitch affirms the following classes: -- $55.9 million class A-1 at 'AAA'; -- $101.1 million class A-2 at 'AAA'; -- $97.2 million class A-3 at 'AAA'; -- $608.3 million class A-4 at 'AAA'; -- Interest-only (IO) classes X-1 and X-2 at 'AAA'; -- $12.0 million class E at 'A-'; -- $10.7 million class Fat 'BBB+'; -- $9.3 million class G at 'BBB'; -- $13.3 million class H at 'BB+'; -- $5.3 million class J at 'BB'; -- $5.3 million class K at 'BB-'; -- $4.0 million class L at 'B+'; -- $5.3 million class M at 'B'; -- $2.7 million class N at 'B-'. Fitch does not rate the $12.0 million class P. The upgrades are due to an additional 7.6% defeasance defeasance n. an antiquated word for a document which terminates the effect of an existing writing such as a deed, bond, or contract if some event occurs. DEFEASANCE, contracts, conveyancing. and 1.5% paydown since Fitch's last rating action. As of the December 2006 distribution date, the pool has paid down 4.6%, to $1.01 billion from $1.07 billion at issuance. A total of 8 loans have defeased (9.4%). There is currently one specially serviced loan (0.4%). The specially serviced loan (0.4%) is a 105-unit multifamily property located in Ft. Worth, TX and is currently 30 days delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. . The loan transferred to special servicing in November 2006 and the special servicer is proceeding with a non-judicial foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. . The transaction contains five loans (19.4%) which Fitch considers investment grade. The Royal SunAlliance Building (1.5%) has defeased since Fitch's last formal review. Fitch reviewed the most recent operating data available from the servicers for these loans. 3 Times Square (8.9%) is secured by an 883,405 square feet (sf) office building located in Manhattan. September 30, 2006 occupancy remains stable at 98.9%, up slightly since issuance. One of the three pari-passu notes totaling $90.0 million serves as collateral for this transaction. Barrett Pavilion (4.4%) is secured by a 451,255 sf retail power center located in Kennesaw, GA. September 30, 2006 occupancy was 100%, up from 97.0% at issuance. Westside Centre (2.9%) is secured by a 490,784 sf retail power center located in Huntsville, AL. September 30, 2006 occupancy was 100%, up from 82.9% at issuance. Dartmouth Towne Center (1.7%) is secured by a 303,198 sf retail power center in North Dartmouth, MA. September 30, 2006 total occupancy was 97.4%, up from 87% at issuance. 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