Fitch Ratings Upgrades J.P. Morgan, Series 2000-C9.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 -- J.P. Morgan Commercial Mortgage Finance Corp.'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 2000-C9, 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: -- $36.6 million class B to 'AAA' from 'AA+'; -- $38.7 million class C to 'AAA' from 'A'; -- $10.2 million class D to 'AA' from 'A-'; -- $28.5 million class E to 'A-' from 'BBB'; -- $14.3 million class F to 'BBB' from 'BBB-'; -- $14.3 million class G to 'BBB-' from 'BB+'. Fitch also affirms the following classes: -- $34.5 million class A-1 'AAA'; -- $404.7 million class A-2 'AAA'; -- Interest-only class X 'AAA'; -- $20.4 million class H 'BB'. The $25.6 million class J certificates are not rated by Fitch. The upgrades reflect 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 levels from loan payoffs and amortization. In addition, a total of 11 loans (19%) in the pool have been defeased to date. As of the June 2005 distribution date, the pool's aggregate principal balance has been reduced by approximately 23% to $627.7 million from $814.4 million at issuance. Six loans are currently being specially serviced (4.4%), including four delinquent loans (3.6%). The largest of these loans (2%), is secured by three multifamily properties in Ohio and one in Michigan. The properties have been 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 (REO reo Noun NZ a language [Maori] ) since April 2005. Some improvements are being completed at the properties before they are marketed for sale. The next loan (0.76%) is secured by an office property in Lancaster, NY. The property is 62% occupied and a receiver is currently in place. The loan is in foreclosure. Losses are expected on several of the specially serviced loans; however, they are expected to be absorbed by the classes not rated by Fitch. The pool's realized losses to date total $19.2 million, or 2.4% of the original pool balance. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
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