Fitch Ratings Upgrades J.P. Morgan 1997-C4, Classes F & G.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 1997-C4, 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: -- 26.5 million class F to 'AA' from 'A+'; -- $16.3 million class G to 'BB+' from 'BB'. In addition, Fitch affirms the following certificates: -- $8.8 million class A3 'AAA'; -- Interest-only class X 'AAA'; -- $24.4 million class B 'AAA'; -- $22.4 million class C 'AAA'; -- $20.3 million class D 'AAA'; -- $6.1 million class E 'AAA'. Fitch does not rate the $12.2 million class NR certificates. The upgrades reflect improved 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 resulting from loan payoffs and amortization. As of the August 2005 distribution date, the pool's aggregate balance has been reduced by 66% to $137 million from $407 million at issuance. The trust has had no realized losses to date. Three loans (9.8%) are being specially serviced including a 90 days delinquent loan (4.9%) and a loan in foreclosure (0.7%). The largest loan in special servicing (4.9%) is secured by a 259-unit skilled nursing home in Bloomington, IL. The loan is 90 days delinquent and the special servicer and the borrower are currently negotiating workout proposals. The next largest specially serviced loan (4.2%) is secured by a multifamily property in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA. The loan has paid off in full since the last distribution and this payoff will be reflected in the September 2005 distribution. Fitch remains concerned about the healthcare (14%) concentration in the pool. 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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