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SALOMON BROTHERS MORTGAGE SECURITIES VII SERIES 1993-C1 RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 30 /PRNewswire/ -- Salomon Brothers Mortgage Securities VII Inc.'s (SBMS) commercial mortgage pass-through certificates series 1993-C1 $78.9 million class A-1, $57.2 million A-2 and interest-only classes SA-1 and SA-2 are rated 'AA+' by Fitch. The $25.7 million class B certificates are rated 'BBB+', the $11.8 million class C certificates are rated 'BB+', the $9.9 million class D is rated 'B+', and the $5.9 million class E is rated 'B-'. The class F certificates are not rated.
 The ratings reflect the fact that all mortgages are current (none more than 30 days delinquent), the presence of a very strong special servicer, the excellent collateral quality and geographic diversity, and the subordination of classes B (13 percent), C (6 percent), D (5 percent), E (3 percent) and F (4 percent). In addition, liquidity is provided by servicer advances for principal and interest through liquidation of the asset or disposition of any REO property acquired. Concerns include weak loan diversity, with only 19 loans in the pool and the top three representing approximately 28 percent of the pool by principal balance, and lack of property type diversity - the pool is exclusively retail property. This concern is mitigated by the fact that all the properties in the pool have at least one anchor, and the strong performance history of anchored retail properties.
 The ratings also reflect Fitch's confidence in the integrity of the transaction's legal and financial structures, as well as Solomon Brothers Mortgage Securities VII, Inc.'s (SBMS) obligation, as the depositor, to indemnify certificateholders for any losses caused by a breach of representations and warranties. Environmental studies were performed on all the properties, and no study recommended action.
 All 19 loans in the pool were acquired by SBMS from Aetna. Fitch stressed certain properties' NOI to address re-leasing risk, and calculated a weighted average debt service coverage ratio for loans in the pool of 1.32 times. All of the mortgages in the pool are fixed-rate loans.
 The trustee is State Street Bank and the servicer is EQ Services, an affiliate of Equitable. An election will be made to treat the trust as a real estate mortgage investment conduit for federal income tax purposes.
 -0- 9/30/93
 /CONTACT: Dean L. Britton, 212-908-0620, or Ron Wechsler, 212-908-0532, both of Fitch/


CO: Salomon Brothers Mortgage Securities VII Inc.'s ST: New York IN: FIN SU: RTG

SM -- NY132 -- 7582 09/30/93 19:38 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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