Fitch Ratings Upgrades SASCO Series 1995-C1 Class F.Business Editors NEW YORK--(BUSINESS WIRE)--May 26, 2004 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 Structured Asset Securities Corp.'s (SASCO SASCO ST (Singapore Technologies) Aviation Services Co. SASCO South African Students Congress SASCO Sudanese Aeronautical Services Co. Ltd ) multiclass 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 1995-C1, $16.6 million class F to 'AAA' from 'BBB-'. The $17.9 million class G and the $13.9 million class H certificates are not rated by Fitch. Classes A-1A, A-1B, A-2A, A-2B, B, C, D and E have paid in full. The upgrade reflects 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 loans payoffs and amortization. As of the April 2004 distribution date, the pool's aggregate certificate balance has been reduced by 87% to $48.5 million from $512.1 million at issuance. Since Fitch's previous review 12 loans have paid off reducing the pool's certificate balance by 50%. Of the original 209 loans in the pool, 23 remain outstanding. Two loans (11%) are currently specially serviced; the largest (7%) is secured by a hotel in Ridgecrest, CA. The loan, which has been modified, is current and will be returned to the master servicer soon. The second specially serviced loan (4%), secured by a retail property in Horseheads, NY, is 90 days delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. . The property is 25% occupied and a deed in lieu of foreclosure A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. should be completed shortly. Fitch is also concerned about significant increases in loan and property type concentrations. The largest loan currently represents 28% of the pool, compared to 7% at issuance and the retail concentration is 65% compared to 34% at issuance. |
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