Fitch Monitoring Hurricane-Related Late Pays

Fitch Ratings says it is monitoring the effects on loan delinquencies of the latest hurricanes to affect Florida, the fourth-largest contributor of collateral to U.S. commercial mortgage-backed securities."With the impact from last month's Charley expected to create a short-term uptick in delinquencies, the successor storms Frances, and possibly Ivan, are likely to extend the duration of the increased delinquencies," said Mary MacNeill, a Fitch senior director. Borrowers against commercial properties are required to carry wind damage insurance, which generally carries a 5% loss deductible, as well as property interruption insurance. While servicers have been contacting property owners and managers, the extent of the damage is still unknown. Fitch said it will closely monitor loans secured by properties in the path of the hurricane, especially those in the following 10 deals, which have a greater than 20% exposure to Florida: CDC 2002-FX1, CSFB 1995-M1, CSFB 2004-TFL1, GMAC 2000-FLF, JP Morgan 2000-FL1, LTC Commercial Mortgage 1996-1, Morgan Stanley 1995-GAL1, Morgan Stanley Dean Witter 2002-XLF, Nationslink Funding 1998-1, and SASCO 1996-CFL1. Fitch can be found online at http://www.fitchratings.com.