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MULTI-FAMILY CAPITAL ACCESS ONE, SERIES 1 CLASS A 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 2 /PRNewswire/ -- Multi-Family Capital Access One, Inc.'s $86.9 million multifamily mortgage bonds, series 1, class A, I, and P are rated 'AAA' by Fitch. The $4.1 million class B bonds are rated 'A', $2.0 million class C bonds 'BBB', and $3.6 million class D bonds 'BB'.
 The ratings for the 'AAA' bonds reflect the pledge of Fannie Mae to pay all principal and interest due on the bonds. The ratings also reflect the 1.21 times weighted average debt service coverage for the pool, subordination of the class B, C, and D bonds and surplus of $5.6 million, fixed interest rates on the fully amortizing loans, as well as presence of servicer advances to improve the likelihood of timely payment on the bonds. Concerns include the low-income tenancy of all the properties, which have been allocated low income housing tax credits (LIHTCs), and the fact that the tax credits, which provide a substantial financial enhancement to ownership, typically expire 10-15 years prior to full amortization of the loans.
 The 37 mortgage loans in the pool are all current and secured by first liens on multifamily properties in 15 states. All the loans are new originations with prepayment penalties.
 The loans were assigned to the trust, which issued bonds pursuant to the indenture dated Nov. 1, 1993. Banc One Management and Consulting Corp. (rated a 'Superior' special servicer by Fitch) will act as special servicer for the pool and is obligated to advance principal and interest in the event of a delinquent loan. No election will be made to treat the trust fund as a REMIC for federal income tax purposes.
 -0- 12/2/93
 /CONTACT: Ron Wechsler, 212-908-0532, or Dean Britton, 212-908-0620, both of Fitch/


CO: Multi-Family Capital Access One ST: IN: FIN SU: RTG

SP -- NY075 -- 9828 12/02/93 12:45 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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