NEW YORK, Feb. 12 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary ratings to Calwest Industrial Trust's $950.0 million commercial
mortgage pass-through certificates series 2002-CALW (see list).
The preliminary ratings are based on information as of Feb. 12, 2002.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
The preliminary ratings reflect the economics of the underlying real
estate collateral, the experience of the manager/owner, the terms of the loan
agreements, the transaction structure, and the liquidity provided by the
fiscal agent. The collateral consists of properties that are wholly owned by
the California Public Employees' Retirement System and an affiliate of RREEF
America LLC. The properties are cross-collateralized and cross-defaulted.
Standard & Poor's analysis determined that on a weighted average basis the
pool has a debt service coverage ratio (DSCR) of 1.50 times based on a stress
constant of 9.50% and a beginning and ending loan-to-value (LTV) ratio of
64.9%.
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
Calwest Industrial Trust Series 2002-CALW
Class Rating Amount ($000s)
A-FL AAA 275,000
A AAA 475,000
B-FL AA 50,000
B AA 50,000
C A 100,000
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Peter Morral of Standard & Poor's,
+1-212-438-2141
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