Fitch Ratings Upgrades Mansfield Trust, Series 2001-1.CHICAGO -- Mansfield Trust's 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 2001-1, is upgraded as follows: --$6.6 million class C to 'AAA' from 'AA+'; --$8.0 million class D to 'A' from 'A-'. The following classes are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. : --$15.2 million class A-1 at 'AAA' --$111.7 million class A-2 at 'AAA' --Interest-only class X at 'AAA' --$7.3 million class B at 'AAA' --$4.0 million class E at 'BB+' --$3.3 million class F at 'B+'. Fitch does not rate the $4.6 million class G certificates. The rating upgrades are primarily the result of 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 and defeasance defeasance n. an antiquated word for a document which terminates the effect of an existing writing such as a deed, bond, or contract if some event occurs. DEFEASANCE, contracts, conveyancing. . As of the December 2006 distribution date, the pool has paid 39.4% since issuance. Nine loans, 11.3% of the pool, have defeased. The upgrades also reflect the lack of delinquent loans since issuance, positive loan features such as significant recourse (approximately 96% of the pool) and a short weighted average remaining amortization term of 128 months. The loans' average seasoning is over nine years and the short amortization term leads to increased equity and limited loss exposure on the loans. Due to this seasoning, limited performance information is available for the loans. However, given the lack of delinquent loans, paydown and defeasance, the upgrades are warranted. The pool is comprised entirely of loans secured by properties in Canada. Specifically, the certificates are collateralized by 64 fixed-rate mortgage loans, consisting primarily of industrial (38%), retail (31.9%), and office (15.8%) properties, with concentrations in the provinces of Ontario (46.7%), British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography (16.9%), and Alberta (9.9%). 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion