Fitch Ratings Upgrades SASCO 1992-M1 Class C To 'AAA'.Business Editors CHICAGO--(BUSINESS WIRE)--Sept. 11, 2002 Structured Asset Securities Corp. Trust I, collateralized mortgage obligations Collateralized mortgage obligation (CMO) A security backed by a pool of pass-through rates , structured so that there are several classes of bondholders with varying maturities, called tranches. , series 1992-M1 $23.6 million class C is upgraded to 'AAA' from 'BBB+'. In addition, the $1.8 thousand classes A-3 and A-4 and the $14.3 million class B are all affirmed at 'AAA'. The $7.9 million class D and the $1,000 class R are not rated by Fitch. The upgrade and affirmations follow Fitch's annual review of the transaction which closed in November 1992. The continued strong performance of the loans along with the additional paydown of the pool contributed to Fitch's upgrade and affirmations. Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A. Capital Markets Servicing Group, as servicer, collected 100% of year-end 2001 operating statements operating statement See income statement. . The weighted-average debt service coverage ratio The debt service coverage ratio (DSCR), or debt service ratio, is the ratio of net operating income to debt payments on a piece of investment real estate. It is a popular benchmark used in the measurement of an income-producing property’s ability to produce (DSCR DSCR See: Debt-service coverage ratio ) remained flat at 1.84 times (x) compared to 1.84x at year-end 2000 and was an increase from 1.29x at issuance. Approximately 40.9% of the pool have DSCRs over 2.00x. In addition, each loan has a reserve fund whereby excess cash flow is not released to the borrower unless it is fully funded. The reserve funds can be used for repairs and replacements, administrative expenses, real estate taxes, insurance premiums and debt service. As of the August 2002 distribution date, the reserves averaged $913 per unit for the remaining properties. The pool continues to have no loans in special servicing, no delinquencies and no realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. . The certificates are collateralized by first and second liens A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the on 12 multifamily properties with concentrations in Ohio (34%), Florida (27%), Indiana (17%), and Iowa (14%). Each loan matures in November 2002. As of the August distribution date, the pool's aggregate balance has been reduced by 83.8% to $45.8 million from $282.1 million at issuance. Another 18 of the remaining 24 loans are expected to payoff on September's distribution date. The six remaining loans in the pool have a DSCR of 2.18x and fully funded reserves. Fitch will continue to monitor these issues, as surveillance is ongoing. |
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