Fitch Ratings Upgrades Morgan Stanley 1996-C1 Classes D-2 & E.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 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 1996-C1, as follows: -- $5.1 million class D-2 to 'AAA' from 'AA'; -- $18.7 million class E to 'BBB+' from 'BBB'. The following classes are affirmed: -- $31.8 million class A 'AAA'; -- Interest-only class X 'AAA'; -- $20.4 million class B 'AAA'; -- $18.7 million class C 'AAA'; -- $17 million class D-1 'AAA'; -- $13.6 million class F 'B'. Fitch does not rate the $5.5 million class G certificates. The rating upgrades reflect the 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 levels from loan payoffs and amortization. As of the June 2004 distribution date, the pool's certificate balance has paid down 61%, to $130.9 million from $340.5 million at issuance. Currently, two loans (5.7%) are in special servicing and delinquent. The larger loan (3.1%) is secured by a 383-pad manufactured housing community located in Stillwater, NY. The loan is in foreclosure and the special servicer is pursuing a note sale. The second loan (2.6%) is secured by a multifamily property in Kokomo, IN. The property is 77% occupied. The loan is 90 days delinquent, and the special servicer is pursuing foreclosure. Losses are expected on both loans. |
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