Fitch Upgrades Mortgage Capital Funding 1995-MC1 P-T Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--April 3, 2001 Mortgage Capital Funding Inc.'s $12.6 million class A-3 and interest-only class I-3, 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 1995-MC1 are upgraded to `AAA' from `AA+' by Fitch. In addition, the $9.2 million class A-4 and interest-only class I-4 certificates are upgraded to `AA' from `A+'. The $8.5 million class A-1B, interest-only class I-1, $13.7 million class A-2, and interest-only class I-2 certificates are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at `AAA'. Fitch does not rate the $17.2 million class B-1, $10.3 million class B-2 and $4.7 million class B-3 certificates. The rating actions follow Fitch's annual review of the transaction, which closed in August 1995. The certificates are collateralized by 32 loans consisting primarily of multifamily properties (85%). The largest geographic concentration is in Texas (17%). As of the February 2001 distribution date, the pool's aggregate certificate balance has been reduced by approximately 66.7%, to $76.2 million from $228.8 million at closing. A total of 47 loans have paid off since origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , including two loans since last year's review. GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage Corp., the master servicer, collected trailing 12-month or year-to-date 2000 financial statements for 23 loans, or 67% of the pool balance. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the information provided, the 2000 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 ) is 1.69 times (x), compared with the underwritten DSCR for the same loans of 1.51x. Total losses have amounted to approximately $1 million, with an average percentage loss of 74%. As part of Fitch's analysis, the loans identified as potential problems were assumed to default at various stress scenarios. The resulting subordination levels were sufficient to upgrade the designated classes. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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