NEW YORK, Feb. 8 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary ratings to First Union National Bank Commercial Mortgage Trust's
$728 million commercial mortgage pass-through certificates series 2002-C1 (see
list).
The preliminary ratings are based on information as of Feb. 8, 2002.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
The preliminary ratings reflect the credit support provided by the
subordinate classes of certificates, the liquidity provided by the trustee,
the economics of the underlying mortgage loans, and the geographic and
property-type diversity of the loans. Classes A-1, A-2, B, C, and D are
currently being offered publicly. The remaining classes are being offered
privately. Standard & Poor's analysis determined that, on a weighted average
basis, the pool has a debt service coverage ratio of 1.31 times, a beginning
loan-to-value ratio (LTV) of 93.8 %, and an ending LTV of 81.9%.
A copy of Standard & Poor's complete presale report for this transaction
is available on RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. The report is also available on
Standard & Poor's Ratings Services Web site at
http://www.standardandpoors.com/ratings. Under Presale Reports, select
Structured Finance, then Commercial Mortgage-Backed Securities.
PRELIMINARY RATINGS ASSIGNED
First Union National Bank Commercial Mortgage Trust Series 2002-C1
Class Rating Amount ($)
A-1 AAA 131,057,000
A-2 AAA 430,663,000
B AA 26,402,000
C A 32,774,000
D A- 9,104,000
E BBB+ 8,194,000
F BBB 12,746,000
G BBB- 10,014,000
H BB+ 14,567,000
J BB 14,566,000
K BB- 5,463,000
L B+ 5,462,000
M B 7,283,000
N B- 3,642,000
O N.R. 16,387,739
IO-I AAA 728,324,739*
IO-II AAA 444,320,000*
*Notional balance.
SOURCE Standard & Poor's
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