Fitch Ratings Upgrades Morgan Stanley's 1997-WF1 $361.2MM P-T Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--March 23, 2004 Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Capital, Inc.'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 1997-WF1 are upgraded by Fitch Ratings Fitch RatingsAn 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: -- $33.6 million class F to 'BB+' from 'BB'; -- $5.6 million class G to 'BB' from 'BB-'; -- $8.4 million class H to 'B+' from 'B'. In addition, Fitch affirms the following classes: -- $196.2 million class A-2 at 'AAA'; -- Interest-only class X-1 at 'AAA'; -- $30.8 million class B at 'AAA'; -- $33.5 million class C at 'AAA'; -- $28.0 million class D at 'AA'; -- $8.4 million class J at 'B-'. Fitch does not rate the $11.2 million class E, $5.6 million class K, or the interest only class X-2 certificates. The upgrades are due to an increase in 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 since issuance and levels which are in line with the subordination levels of deals issued today having similar characteristics. Currently, one loan (2.1%) is in special servicing. The loan is secured by a 422-unit apartment complex in Columbus, OH, and is performing under a forbearance agreement. The loan is pending return to the master servicer once outstanding default interest has been brought current. The largest loan of concern within the deal is an office property (2.3%) located in West Hollywood West Hollywood A community of southern California northeast of Beverly Hills. It is mainly residential. Population: 36,600. , CA. The property is owner occupied "Owner occupied" may also refer to a housing cooperative Owner occupied is a classification of UK housing tenure as described by the Department for Communities and Local Government, a UK government department that has amongst its remit the monitoring of the UK housing stock. and the owner has subleased the space to four different tenants at substantially lower rental rates. Fitch is not expecting losses to any loans at this time. |
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