S&P Asgns Greenwich Captl Comm Fund 2002-C1 Prlm Rtgs.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's Dec. 2, 2002-- Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. its preliminary ratings to Greenwich Capital Commercial Funding Corp.'s $1.2 billion 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 2002-C1 (see list). The preliminary ratings are based on information as of Dec. 02, 2002. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect the credit support provided by the subordinate classes of certificates, the liquidity provided by the fiscal agent, the economics of the underlying loans, and the geographic and the property type diversity of the loans. Classes A-1, A-2, B, and C are currently being offered publicly. The remaining classes are being offered privately. Standard & Poor's analysis determined that, on a weighted average basis, the pool has a 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 of 1.41 times (x), a beginning loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. (LTV LTV See: Loan-to-value ratio ) of 88.1%, and an ending LTV of 76.1%. A copy of Standard & Poor's complete presale pre·sale n. 1. The period before something, such as a work of art, is available for sale to the public. 2. An exclusive or private sale held before an advertised sale. report for this transaction can be found on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale can also be found on Standard & Poor's new Web site at www.standardandpoors.com. Select Fixed Income. Then, under Browse (1) To view the contents of a file or a group of files. Browser programs generally let you view data by scrolling through the documents or databases. In a database program, the browse mode often lets you edit the data. See Web browser. by Sector, select Structured Finance and find the article under Presale Credit Reports. PRELIMINARY RATINGS ASSIGNED Greenwich Capital Commercial Funding Corp. Commercial mortgage pass-thru certs series 2002-C1 Class Rating Amount (Mil. $) A-1 AAA 304,611 A-2 AAA 608,215 B AA 46,514 C AA- 11,628 D A+ 14,536 E A 20,349 F A- 15,989 G BBB+ 15,989 H BBB 17,443 J BBB- 14,535 K BB+ 20,350 L BB 20,349 M BB- 8,722 N B+ 5,814 O B 8,721 P B- 4,361 Q N.R. 24,711 XPB AAA N/A XP AAA N/A XC AAA N/A SWD-B BBB- N/A |
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