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Fitch Upgrs German American, 1995-1-MHP Cls C-2; Affs Cls C-3 Ctfs.

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German American Capital Corp. series 1995-1-MHP $0.6 million class C-2 multiclass pass-through REMIC certificates are upgraded to 'AA' from 'A', while the $4.6 million class C-3 multiclass pass-through REMIC certificates are affirmed at 'BBB'.

The upgrade and affirmation follow Fitch's review of the transaction, which closed in August 1995.

As of the most recent distribution date, this transaction's certificate balance has been reduced by approximately 72%, to $5.2 million from $18.5 million at closing. This transaction is a re-REMIC of the Daiwa Mortgage Acceptance Corp. series 1993-2-MHP (the underlying transaction) class C mortgage pass-through certificates. A reduction in the underlying transaction's class C certificates will result in a direct decrease to this transaction's certificates.

Currently, collateral contributing to class C-2 and class C-3 consists of 3 floating rate mortgage loans totaling approximately $23.4 million. The loans are secured by manufactured housing communities. Currently, none of the loans are delinquent. Based on borrower reported net operating income for year-end 2000 and a 10.97% maximum mortgage constant, the remaining pool's weighted average debt service coverage ratio was 1.38 times (x), up from origination.
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Publication:Business Wire
Date:Oct 5, 2001
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