S&P Raises Rtgs on B,C Nts in ELOC 3 Deal; A,D,E Afmd.Business Editors LONDON--(BUSINESS WIRE)--Sept. 24, 2003 (Standard & Poor's)--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. said today it raised its credit ratings on the class B and C commercial mortgage-backed floating-rate notes Floating-rate note (FRN) Note whose interest payment varies with short-term interest rates. floating-rate note An unsecured debt issue with an interest rate that is reset at specified intervals (usually every six months) according to a issued by European Loan Conduit No. 3 PLC (ELOC ELOC Equity Line of Credit ELOC External Locus of Control ELOC Evangelical Lutheran Ovambo-Kavango Church (Africa) ELOC Executable Lines Of Code ELOC Extraneous Logical or in Expression Used as Branch Condition 3) following pool prepayments. At the same time, the ratings on the class A, D, and E notes were affirmed (see list below). At closing, the notes issued in ELOC 3 were secured by a pool of 16 loans originated by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
Standard & Poor's has analyzed the status of the remaining loans in the portfolio and concluded that 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 , coverage, and exit LTV LTV See: Loan-to-value ratio levels have now improved above those initially expected for the class B and C notes. These improvements are reflected in the new rating levels. However, issues of loan concentration remain. One loan in particular, the Four Seasons Healthcare loan, now represents approximately 50% of the pool principal balance (33% at closing). This, along with the removal of some of the pooling benefit that existed at cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, , constrains further upgrades at this time. Copies of related press releases on ELOC 3 are available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may contact the Press Office Hotline on (44)20-7826-3605 or via media_europe@standardandpoors.com.
RATINGS LIST
Class Rating
To From
European Loan Conduit No. 3 PLC
GBP254.581 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Raised
B AA+ AA
C A+ A
Ratings Affirmed
A AAA
D BBB
E BB
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