Fitch Ratings Upgrades JP Morgan 1997-C5.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 -- 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 J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 1997-C5, as follows: -- $51.7 million class F to 'BBB-' from 'BB+'. Fitch also affirms the following certificates: -- $173.6 million class A-3 'AAA'; -- Interest-only class X 'AAA'; -- $51.7 million class B 'AAA'; -- $56.9 million class C 'AAA'. Fitch does not rate the $56.9 million class D, $15.5 million class E, $36.2 million class G, or the $2.9 million class H certificates. The upgrade reflects the increased credit enhancement from loan payoffs and amortization. As of the October 2005 distribution date, the pool's aggregate certificate balance has been reduced by 56% to $445.3 million from $1.03 billion at issuance. The pool remains diverse, with the top five loans and California representing less than 20% of the pool. Three assets (1.4%) are being specially serviced, including two 90 days delinquent (0.94%) and a 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] ) (0.42%). Losses are expected on two of these assets. The largest specially serviced loan (0.70%) is secured by a retail property in Covington, VA. The loan is 90 days delinquent and foreclosure is expected. The next specially serviced asset is secured by a hotel in Monroe, PA (0.42%). This REO asset has been marketed for sale and is expected to be sold shortly. The third specially serviced loan (0.23%) is secured by a retail property in West Seneca, New York West Seneca is a town in Erie County, New York, USA. The population was 45,920 at the 2000 census. The Town of West Seneca is a centrally-located interior town of the county, southeast of Buffalo, New York. . Foreclosure is expected by year-end. Losses are expected on two of the specially serviced loans. Class H is more than sufficient to absorb losses. Losses realized to-date total $23.0 million, or 2.2% of the original pool balance. 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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