Fitch Ratings Upgrades BCF L.L.C. Series 1997-C1.Business EditorsNEW YORK--(BUSINESS WIRE)--June 17, 2003 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. upgrades BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter L.L.C.'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 1997-C1, $2.6 million class F to 'AA' from 'BB+'. In addition, Fitch affirms the interest-only class X-2 at 'AAA'. The ratings for classes E and E-IO have been withdrawn since Fitch's last review as the classes have been paid in full. The class G and class TA certificates are not rated by Fitch. The upgrades are primarily attributable to significant increases in subordination levels due to amortization, prepayments and payoffs of matured loans. The pool's collateral balance has been reduced by 92%, as of the May 2003 distribution, to $10.6 million from $128.4 million at closing. The pool's 72 of 552 original loans remain, with an average loan size of $147,000, down from $233,000 at closing. The borrowers are not required to report financial information for these loans. However, the loans are well-seasoned, with staggered maturity dates; 58 loans (85%) have over ten years of seasoning. Another strength of this deal is that 60 loans (83%) are fully amortizing. Currently, there are fourteen loans (19.2%) being specially serviced by Ocwen Federal Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus . All of the pool's eight delinquent loans (16.5%) are being specially serviced, including one (0.8%) that is 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 . Fitch considers the unrated class G as more than sufficient to absorb any expected losses on these loans of concern. Since closing, the pool has realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. totaling $4.7 million from the disposition of twenty assets. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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