PNC Mortgage Acceptance Corp. 1999-CM1 Class B-8 Rating Lowered To 'D' Following Principal Losses

1206 word report published Jun 15, 2010

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OVERVIEW We lowered our rating on the class B-8 certificates from PNC Mortgage Acceptance Corp.'s series 1999-CM1, a U.S. CMBS transaction, to 'D' from 'CCC-'. The downgrade reflects principal losses that the affected class has incurred. NEW YORK (Standard&Poor's) June 15, 2010--Standard&Poor's Ratings Services today lowered its rating on the class B-8 commercial mortgage pass-through certificates from PNC Mortgage Acceptance Corp.'s series 1999-CM1, a U.S. commercial mortgage-backed securities (CMBS) transaction, to 'D' from 'CCC-' (see list). The downgrade follows principal losses sustained by the class as reported in the June 10, 2010, remittance report. The class B-8 certificate reported losses amounting to 44.0% of its opening certificate balance ($5.7 million). In addition, the class C certificate,

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RESEARCH Ratings Definitions PDF PNC Mortgage Acceptance Corp. 1999-CM1 Class B-8 Rating Lowered To 'D' Following Principal Losses Publication date: 15-Jun-2010 Primary Credit Analyst: Louis Cicerchia, New York 212 438-5221; louis_cicerchia@standardan...

Report Type:

Ratings Action

Issuer:

PNC Mortgage Acceptance Corp.

Country:

United States

Region:

United States

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