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Such A Kidder

Last week's commercial mortgage ratings actions

November 26, 2001

By MortgageDaily.com staff

click here for last week's subprime mortgage ratings actions

Standard & Poor's (S&P) assigned its preliminary ratings to classes of Ventas Trust's $225 million commercial mortgage pass-through certificates series 2001-Ventas. The preliminary ratings reflect the underlying bond collateral; the experience and financial strength of the sponsor and facility operator; the liquidity provided by the servicer, special servicer, trustee, and fiscal agent; and the terms of the loan, master lease agreements, and organizational documentation. The Weighted Average Debt Service Coverage Ratio (WADSCR) was 2.01 times (x), and the loan-to-value ratio was 63 percent.

Classes of Structured Asset Securities Corp.'s (SASCO) multiclass pass-through certificates, series 1995-C4 were upgraded and affirmed by Fitch. The upgrades reflect significant increases in subordination levels due to amortization and loan payoffs. GMAC Commercial Mortgage Corp. (GMAC), the master servicer, collected year-end 2000 property financial statements for 17 loans (69% of the pool's outstanding balance). The 2000 WADSCR for these loans was 1.59x, compared to 1.35x at closing.

Fitch placed on ratings watch negative and affirmed classes of Asset Securitization Corp.'s (ASC) commercial mortgage pass-through certificates, series 1997-MDVII. Fitch deemed 60% of the loans (or five out of seven) to be investment grade, compared to 81% at issuance. Fitch placed classes on Rating Watch negative because it is concerned with the long term viability of the Fairfield Inn loan (accounting for 33% of the Transaction). Over the last three years, the Fairfield Inn loan, which is secured by 50 limited-service hotels, has experienced consistently declining operating performance.

Kidder, Peabody Acceptance Corp. I (KPAC) multifamily mortgage pass-through certificates, series 1993-M1, $6.7 million class A-2I interest only certificates are affirmed at `AAA' by Fitch. Based on year-end 2000 net operating income less replacement reserves, the last remaining loan in the pool has a DSCR of 1.46x , up from 1.34x at origination.

Fitch affirmed classes of Merrill Lynch Mortgage Investors, Inc.'s series 1997-C2 commercial mortgage pass-through certificates. The certificates represent the beneficial ownership interests in the trust, the primary assets of which are 147 fixed-rate mortgage loans secured by 153 commercial and multifamily properties. The mix of property types is multifamily (36%), retail (30%) and self-storage (10%). On a comparable basis, the WADSCR for YE 2000 was 1.57x, compared to 1.47x in 1999.

Fitch upgraded and affirmed classes of Merrill Lynch Mortgage Investors, Inc.'s commercial pass-through certificates, series 1995-C3. The ratings upgrades are primarily due to increased subordination levels resulting from collateral paydown. Property types include multifamily (59%), retail (25%), health care (9%), and hotel (3%). GMAC, as master servicer, provided year-end 2000 operating information for 86% of the loans by total loan balance. The WADSCR for those loans was 1.49x at year-end 2000 compared to 1.34x at issuance.
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