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AMERICAN SOUTHWEST FINANCIAL COMMERCIAL MORTGAGE CERTIFICATES 1993-2 RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 5 /PRNewswire/ -- American Southwest Financial Securities Corp.'s $94.0 million commercial mortgage pass-through certificates, series 1993-2, class A-1 and interest only classes S-1 and S-2 are rated "AA" by Fitch. The $7.7 million class A-2 certificates are rated "A," $6.4 million class B-1 certificates "BBB," $6.4 million class B-2 certificates "BB," and $6.4 million class B-3 certificates "B." The $7.7 million class C certificates are not rated.
 The ratings reflect interest only debt service coverage of 1.48 times at the 9.23% weighted average interest rate on the mortgages (using Fitch underwriting NOI of $17.6 million), good property type diversity and property quality, and subordination provided by classes A-2 (6%), B-1 (5%), B-2 (5%), B-3 (5%), and C (6%). The ratings also exhibit Fitch's confidence in the integrity of the transaction's legal and financial structure. Concerns include the large number of properties in California, the high concentration of principal (27.4%) in the three largest loans, and the lack of financial strength behind the representations and warranties.
 The certificates evidence 100% of the beneficial ownership interest in a trust fund which consists of 30 recently and newly originated fixed rate mortgage loans having an initial aggregate principal balance of $128.7 million. The mortgage loans have either 25 or 30 year amortization schedules, interest rates ranging from 8.19% to 10.30%, and terms ranging from 5 to 15 years with balloon payments due at maturity. Approximately 25.4% of the assets are multifamily complexes, with the balance commercial buildings. The 30 properties have a weighted average occupancy of 95.1%.
 The assets of the trust fund will be held and the certificates issued through the use of two real estate mortgage investment conduits (REMIC). The assets of the lower tier REMIC will consist of the mortgage loans, while those of the upper tier REMIC will consist of regular interests in the lower tier REMIC.
 Union Bank will act as trustee for the pool. Bankers Trust Co. will act as both master servicer and special servicer, with the obligation to advance funds through liquidation in the event of a default. Donaldson, Lufkin & Jenrette Securities Corp. has underwritten the transaction.
 -0- 1/5/94
 /CONTACT: Kent Born of Fitch, 212-908-0627/


CO: American Southwest Financial Securities Corp. ST: IN: FIN SU: RTG

TW -- NY072 -- 9469 01/05/94 16:26 EST
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Date:Jan 5, 1994
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