NEW YORK, Feb. 11 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary ratings to Banc of America Large Loan Inc.'s $826.2 million
commercial mortgage pass-through certificates series 2002-FLT1 (see list).
The preliminary ratings are based on information as of Feb. 11, 2002.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
The preliminary reflect the credit support provided by the subordinate
classes of certificates, the liquidity provided by the fiscal agent, the
economics and structure of the underlying mortgage loans, and the transaction
structure. Standard & Poor's analysis determined that on a weighted average
basis, the pool has a debt service coverage ratio of 1.59 times, using a
weighted average stress constant of 10.19%, and a beginning loan-to-value
ratio (LTV) of 58.5% and an ending LTV of 57.7%. Unless otherwise indicated,
all calculations in this report, including weighted averages, include only the
trust assets.
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
Banc of America Large Loan Inc. Series 2002-FLT1
Class Rating Amount ($000s)
A-1 AAA 305,000
A-2 AAA 302,400
X-1A* AAA 826,229(3)
X-1B* AAA 826,229(3)
X-2* AAA 283,000(3)
B AA+ 24,900
C AA 35,097
D AA- 27,602
E A+ 26,000
F A 22,800
G A- 21,200
H BBB+ 50,134
J BBB 11,095
*Interest only. (3)Notional amount.
SOURCE Standard & Poor's
back to top
