Fitch Ratings Upgrades MSDW 280 Park Avenue Trust 2001-XL280 $265.2MM P-T Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--April 21, 2003 Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
MSDW Multi-Cast with Same Destination Wavelength MSDW Metal Studs, Dry Wall (construction) ) 280 Park Avenue Trust commercial 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 2001-XL280, $30.1 million class A-1, $56.3 million class A-2, $73 million class A-2F, and interest-only class X-1 are upgraded to 'AAA' from 'AA'. In addition, Fitch affirms the following certificates: $31 million class B at 'AA' and $31 million class C at 'A', $8 million class D at 'A-', $23 million class E at 'BBB' and $11.8 million class F at 'BBB'. The upgrade of classes A-1, A-2, A-2F and X-1 to 'AAA' from 'AA', follows the borrower's acceptance of a new blanket insurance policy which includes terrorism coverage. The property, with up to $640 million per occurrence in insurance, now has adequate terrorism insurance Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very in place. Upon renewal of the property's insurance on March 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-1, A-2, and A2-F downgrades may be necessary. |
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