Fitch Upgrades 3 Classes of Mortgage Capital Funding 1996-MC1.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 Mortgage Capital Funding, 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-MC1 as follows: --$25.8 million class G to 'AAA' from AA; --$18.1 million class H to 'A' from 'BBB-'; --$3.6 million class J to 'BB+' from 'BB'. In addition, Fitch affirms the following class: --Interest-only class X-2 at 'AAA'. Fitch does not rate the $11.5 million class K certificates. Classes A-1, A-2A, A-2B, B, C, D and E and interest-only class X-1 have paid in full. The upgrades reflect 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 due to the rapid paydown since Fitch's last rating action. As of the January 2006 distribution date, the pool's aggregate collateral balance has been reduced 87.8%, to $59.1 million from $482.4 million at issuance. Fitch continues to monitor the transaction's increasing loan concentration, with only 19 loans remaining in the pool and 73% of the pool maturing in 2006. Fitch has identified five loans as Fitch Loans of Concern (22.4%), which include the specially serviced loan and those loans with low debt service coverage ratios and decreased occupancy. These loans' higher likelihood of default has been incorporated into Fitch's rating analysis. There is currently one loan (0.8%) that is in special servicing. The loan, a multifamily property in Cleveland, OH, transferred to special servicing on Jan. 24, 2006 due to imminent default and is currently 60 days delinquent. There is one loan (9.6%) in the transaction, which has been affected by Hurricane Katrina. The property, a retail center in Thibodaux, LA, has sustained minimal damage and maintains both windstorm wind·storm n. A storm with high winds or violent gusts but little or no rain. windstorm A storm with high winds or violent gusts but little or no rain. and flood insurance. 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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