TEXT-Fitch upgrades 2 classes of MSDW 2000-life2 - Reuters UK
(The following statement was released by the ratings agency)
June 6 - Fitch Ratings has upgraded two classes of Morgan Stanley Dean Witter Capital I Trust's (MSDW) commercial mortgage pass-through certificates, series 2000-LIFE2. A detailed list of rating actions follows at the end of this press release.
The upgrades reflect increased credit enhancement as a result of paydown. As of the May 2012 distribution date, the pool's aggregate principal balance has reduced by 95.7% (including 1.8% in realized losses) to $32.9 million from $765.3 million at issuance.
There are only five loans remaining, three of which (29% of the pool) are in special servicing. There are cumulative interest shortfalls in the amount of $1.6 million currently affecting classes L through P.
The largest contributor to modeled losses is a 60,000 square foot (sf) office building located in Greece, NY which is a suburb 10 miles northwest of Rochester. The loan was transferred to Special Servicing in July 2010 due to imminent maturity default and became real-estate owned (REO) in January 2011. The special servicer is in the process of marketing the property for sale.
The largest loan in the pool (60%) is secured by a 165,335 sf office building located in Manhattan. The property has a servicer-reported occupancy of 100% and the 2011 debt service coverage ratio (DSCR) was 2.81 times (x). The loan matures on Oct. 1, 2014.
Fitch has upgraded the following classes:
--$1.4 million class F to 'AAAsf' from 'A-sf'; Outlook Stable;
--$3.1 million class G to 'AAAsf' from 'BBB+sf'; Outlook Stable.
Fitch has affirmed the following classes as indicated:
--$9.6 million class H at 'BBB-'; Outlook Stable;
--$9.2 million class J at 'CCCsf'; RE 100%;
--$3.1 million class K at 'CCCsf'; RE 100%;
--$4 million class L to 'Csf'; RE 85%;
--$2.7 million class M at 'Dsf'; RE 0%;
--Class N at 'Dsf'; RE 0%;
--Class O at 'Dsf'; RE 0%.
Classes A-1, A-2 and B through E have paid in full. Fitch does not rate class P. Fitch previously withdrew the rating on class X.
The Platters founder Herb Reed dies at 83 - BBC News
Herb Reed, the last surviving founding member of the US vocal group The Platters, has died in Boston aged 83.
The singer's manager said he died after a period of declining health that included chronic heart disease.
Founded by Reed in 1953, the group had hits with songs including Smoke Gets In Your Eyes, Only You and The Great Pretender.
Following the replacement of original band members, he was the only singer to appear on all 400 recordings.
Reed continued touring, performing up to 200 shows per year, until last year.
Formed as harmonising street singers in Los Angeles, The Platters were the most popular black singing group of their time.
Reed is credited with coming up with the group's name - inspired by disc jockeys who referred to their records as "platters".
The original line-up included Reed, female vocalist Zola Taylor, David Lynch, Tony Williams and Paul Robi, who went on to have four number one hits in the US between 1955 and 1958.
Reed credited his survival in the music industry to the poverty he experienced as a child.
Growing up in Kansas City, Missouri, he said in his biography he was careful with money because he did not want to assume the group's success would continue.
The Platters continued to record until the late 1960s and tour in various incarnations, with more than 100 different members, until the present day.
The group were inducted into the Rock and Roll Hall of Fame in 1990.
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