Fitch Ratings Upgrades NationsLink Funding 1999-2.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 and removes from Rating Watch Positive NationsLink Funding Corporation 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 1999-2 as follows: -- $16.8 million class E to 'AAA' from 'AA'. In addition, the following classes are affirmed by Fitch: -- $20.3 million class A-3 at 'AAA'; -- $110.5 million class A-4 at 'AAA'; -- $12 million class A-1C at 'AAA'; -- $114 million class A-2C at 'AAA'; -- Interest-only class X at 'AAA'; -- $56.1 million class B at 'AAA'; -- $44.9 million class C at 'AAA'; -- $67.3 million class D at 'AAA'. Fitch does not rate classes F through K. Classes A-1 and A-2 have been paid in full. The rating upgrade is a result of additional 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. and paydown which has resulted in 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 to the Fitch rated classes. As of the February 2006 distribution date, the pool's aggregate certificate balance has been reduced 49.8% to $559.9 million from $1.12 billion at issuance. Nineteen loans (7.9%) have been defeased and the transaction has had no losses since issuance. There are currently three loans (2.1%) in special servicing. The largest specially serviced loan (1.3%) is secured by a retail property located in Durham, NC. The loan transferred to the special servicer when Winn Dixie filed bankruptcy and listed this store on their closing list. The lease was rejected and the store closed in August 2005. The property is currently less than 40% occupied. Based on a recent valuation, some losses are expected upon the disposition of this asset. The second largest specially serviced loan (0.5%) is secured by a retail property located in Brandon, FL. The loan was transferred to special servicing due to Winn Dixie filing bankruptcy. The store closed and the borrower is marketing the vacant space. 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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