Fitch Upgrades 5 Classes of FUNB Series 2000-C2.CHICAGO -- 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 First Union National Bank Commercial Mortgage Trust's (FUNB FUNB First Union National Bank ) commercial mortgage pass-through certificates, series 2000-C2, as follows:
-- $42.9 million class C to 'AAA' from 'AA';
-- $17.1 million class D to 'AAA' from 'AA-';
-- $18.6 million class E to 'AAA' from 'A';
-- $17.1 million class F to 'AA+' from 'A-';
-- $14.3 million class G to 'AA-' from 'BBB+';
In addition, Fitch affirms the following classes:
-- $75.4 million class A-1 at 'AAA';
-- $686.9 million class A-2 at 'AAA';
-- Interest-only class IO at 'AAA';
-- $55.7 million class B at 'AAA'
-- $5 million class Q at 'AAA'
Class Q represents the interests in the trust corresponding to the junior portion of the Schneider Automation Facility loan (3.2%). The loan has defeased and is credit assessed by Fitch.
Fitch does not rate classes H, J, K, L, M, N, and O certificates.
The rating upgrades are due to paydown and defeasance since issuance. As of the August 2006 distribution date, the pool has paid down 13% to $992.9 million from $1.14 billion at issuance. In addition, 23 loans (22.8%) have defeased.
There are currently three assets (2.7%) in special servicing, consisting of two real estate owned Real Estate Owned
Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo
NZ a language [Maori] ) properties (2%) and one loan in foreclosure (0.7%). The largest specially serviced asset (1.6%) is an industrial property in North Andover, MA. The loan became REO in January 2006. The servicer is marketing the property for sale.
The second largest specially serviced loan (.7%) is collateralized by a retail property located in Tomball, TX and is in foreclosure. The two largest tenants vacated their space and stopped paying rent in February 2006. Losses are likely on all of the specially serviced loans.
Fitch also reviewed the performance of the Park Plaza Mall Park Plaza, is an upscale shopping center located in downtown Little Rock, Arkansas. The mall opened in 1980, and was directly located across from then rival University Mall. In 1988, Park Plaza shut down completely except for Dillard's. (4%). Based on the stable performance of the mall, the loan maintains an investment grade credit assessment. The loan is the second largest in the pool and secured by 265,144 square feet of a 549,144 square foot regional mall located in Little Rock, AR. Despite a slight decline in occupancy to 86%, the Fitch adjusted year end (YE) 2005 DSCR DSCR
See: Debt-service coverage ratio was 1.48 times (x), stable with issuance.
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