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Short Circuited

Last week's commercial ratings actions

November 20, 2001

By MortgageDaily.com staff

Classes of GMAC Commercial Mortgage Securities Inc. mortgage pass-through certificates, series 1997-C1, were affirmed by Fitch. Although Fitch is concerned about the deteriorating performance of several loans in the pool, the concerns are somewhat mitigated by the 15% pay-down of the collateral balance since closing. GMAC Commercial Mortgage Corp. (GMAC), the master servicer, provided year-end or trailing-twelve-month 2000 financials for 269 of the 304 non-CTL loans, representing 85% of the pool balance. According to this information, the 2000 weighted average debt service coverage ratio (WADSCR) is 1.64 times (x), compared to the underwritten WADSCR for the same loans of 1.34x.

Classes of NationsLink Funding Corp., commercial loan pass-through certificates, series 1999-LTL- 1, were affirmed by Fitch. The certificates are collateralized by 127 fixed-rate mortgage loans and one participation interest in a mortgage loan, secured by 128 commercial properties. The pool consists mainly of credit tenant lease (CTL) loans, contributing 78%. In addition to the CTL loans, 17 loans or 13% are traditional conduit loans and one loan representing 9%, can be classified as a large loan. For the 17 conduit loans in the pool, Midland Loan Services, LP., as master servicer, collected 2000 year-end financials for all of the loans. The WADSCR for these loans has declined from a 1.61x as of year-end 1999 to a 1.50x as of year-end 2000.

Fitch has downgraded several classes of Capital Lease Funding Securitization, LP corporate credit-backed pass-through certificates, series 1997-CTL-1. The ratings of this transaction are highly sensitive to the movements of the corporate credit ratings of the underlying tenants, which Fitch closely monitors. While Fitch has had ongoing concerns over the continued decline in the corporate credit ratings of the underlying tenants, the subordination was no longer sufficient to affirm the ratings, resulting in the downgrades. The primary cause of the downgrades is directly linked to Fitch's internal rating on Circuit City Stores, Inc (Circuit City). The current aggregate principal balance of the pool has been reduced 14% to $111.3 million compared with $129.4 million at issuance. The certificates are collateralized by 30 fixed-rate fully amortizing mortgage loans on 30 commercial properties, leased to 13 different tenants. All of the loans in the pool are current. The properties are primarily retail (76%) and the remainder are office properties.

Standard & Poor's (S&P) assigned its preliminary ratings to COMM 2001-FL5's $1.095 billion commercial mortgage pass-through certificates series COMM 2001-FL5. The preliminary ratings reflect the credit support provided by the subordinate classes of certificates, the liquidity provided by the servicer, the trustee, and the fiscal agent; and the economics of the underlying mortgage loans. S&P analysis determined that the pool has a WADSCR of 1.65x, based on a weighted average stress constant of 9.67% and a beginning and ending loan-to-value ratio of 59.5%.
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