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HOMART POOLED ASSET FINANCE TRUSTS $90 MILLION COLLATERALIZED FLOATING RATE CERTIFICATES RATED BY DUFF & PHELPS CREDIT RATING CO.

 CHICAGO, Jan. 5 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned the following ratings to Homart Pooled Asset Finance Trusts collateralized certificates:
 Class Amount Rating
 A-1 $60,000,000 AAA
 A-2 $10,000,000 AA
 A-3 $10,000,000 A
 A-4 $10,000,000 BBB
 The certificates were issued in the aggregate principal amount of $90 million and have an expected maturity date of Dec. 29, 1998, and a scheduled final distribution date of Dec. 29, 2001. The certificates were offered under Rule 144A by J.P. Morgan Securities Inc. Proceeds from the offering will be used to repay corporate debt as well as to expand and renovate existing malls.
 The certificates are secured, by among other things, a blanket first-lien mortgage on five regional and super-regional malls which are cross-collateralized and cross-defaulted. The five properties, which were inspected by Duff & Phelps, are Prince Kuhio Plaza in Hilo, Hawaii; Chula Vista Mall in Chula Vista, Calif.; Eden Prairie Center in Eden Prairie, Minn.; Washington Park Mall in Bartlesville, Okla.; and Sequoia Mall in Visalia, Calif. The malls, originally built between 1961 and 1985, range in size from 349,000 square feet to 889,000 square feet and each mall is anchored by at least three national department stores. The malls are owned by a bankruptcy remote affiliate of Homart Development Company.
 The certificates are interest-only certificates which will bear the following floating interest rates: Class A-1, three month LIBOR plus 75 basis points; Class A-2, three month LIBOR plus 125 basis points; Class A-3, three month LIBOR plus 175 basis points; and Class A-4, three month LIBOR plus 250 basis points. Interest is to be paid quarterly to investors. There will also be servicer advancing through foreclosure and liquidation.
 Based on the properties' projected earnings before interest and depreciation for the 12 months ending Sept. 30, 1994, assuming an interest rate at the cap of 9.0 percent, the cumulative debt service coverage ratios on the Class A-1, A-2, A-3 and A-4 certificates would be 2.47, 2.12, 1.86 and 1.65, respectively. Based on the estimated aggregate market value of the properties, the loan-to-value ratios of the certificates are 33.5 percent, 39.1 percent, 44.7 percent and 50.3 percent, respectively.
 The ratings represent Duff & Phelps quantitative and qualitative analysis of the properties and the structure of the transaction. Our analysis focused on the properties' ability to service debt and meet the ultimate principal repayment date.
 -0- 1/5/94
 /Contact: Diane M. Lans of Duff & Phelps Credit Rating Co. 312-629-3840/ CO: Homart Pooled Asset Finance Trusts ST: IN: FIN SU: RTG


TW -- NY046 -- 9359 01/05/94 12:53 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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