Fitch Ratings Upgrades Houston Galleria Trust, Series 2000-HG, Classes A & X.Business Editors NEW YORK--(BUSINESS WIRE)--April 21, 2003 Houston Galleria The Galleria is an upscale mixed-use urban development centrally located in the Uptown District of Houston, Texas, one of the largest business districts in the country, just outside the city's I-610 inner beltway. Trust, series 2000-HG, $140 million class A and interest-only class X are upgraded to 'AAA' from 'AA' 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. . In addition, the following classes are affirmed: $27.8 million class B at 'AA', $27.8 million class C at 'A', $8.8 million class D at 'A-', and $14.8 million class E at 'BBB'. The upgrades to classes A and X are attributed to the current terrorism insurance policy obtained which now provides adequate coverage for the property, post the Terrorism Risk Insurance Act The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. of 2002 (TRIA TRIA Terrorism Risk Insurance Act of 2002 TRIA Term Requirement in Average ). The $300 million blanket policy which expires on January 1, 2004, covers 241 of Simon Property Group's properties excluding the Mall of America Mall of America (also MOA, MoA, or the Megamall) is a shopping mall located in the Twin Cities suburb of Bloomington, Minnesota. It is just southeast of the junction of Interstate 494 and Minnesota State Highway 77, and is across the interstate from the . The policy is a layered terrorism insurance program with participations by Lexington Insurance Company, Wintarthur International America Insurance Co., General Security Indemnity Company, Everest Re, and Zurich-American. Upon renewal of the property's insurance on January 1, 2004, Fitch will again assess the adequacy of the terrorism insurance in place. In the event that there is insufficient insurance to cover the outstanding balance of classes A and X, downgrades may be necessary. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion