Fitch Ratings Upgrades Class J of Salomon Brothers 2000-NL1 P-T Ctfs.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 -- Salomon Brothers
Salomon Brothers was a Wall Street investment bank. Mortgage Securities VII, Inc.'s commercial mortgage pass-through certificates, series 2000-NL1, are upgraded 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: --$4.2 million class J certificates to 'AAA' from 'AA'. In addition, Fitch affirms the following classes: --Interest-only class X at 'AAA'; --$13.3 million class E at 'AAA'; --$5 million class F at 'AAA'; --$10.9 million class G at 'AAA'; --$5.9 million class H at 'AAA'; --$8.4 million class K at 'BB+'; --$3.3 million class L at 'B-'. Fitch does not rate the $4.4 million class M certificates. Classes A-1, A-2, B, C, and D have paid in full. The upgrade reflects the increased credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing due to paydown and greater certainty of Fitch's loss expectations. As of the April 2005 distribution date, the pool's aggregate certificate balance has decreased 80% to $55.2 million from $334.2 million at issuance. There is one loan in special servicing (17%), which is secured by a 127,439 square foot (sf) mixed-use industrial/R&D property located in Freemont, CA. The loan transferred to the special servicer when the borrower defaulted on the debt service. The special servicer is analyzing the situation and negotiating a possible workout. Recent appraisal indicates losses are likely upon liquidation. The loan is 60 days delinquent. None of the loans have lockout lockout, intentional closing up of a company, factory, or shop by an employer to prevent employees from working during a strike or labor dispute. The term lockout provisions, and, as such, the deal is expected to continue to pay down. Currently, 98% matures in 2008. 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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