S&P Eyes Insurance-Linked CMBS Ratings

Seven classes of commercial mortgage-backed securities from five separate transactions that rely on credit support from ZC Specialty Insurance Co. and Centre Reinsurance U.S. Ltd. have been placed on CreditWatch with negative implications by Standard & Poor's Ratings Services.The affected securities are as follows: CA Colonnade Securities Trust capital appreciation pass-through certificates, class A; Citicorp Lease Pass-Through Trust pass-through certificates, series 1999-1, class A-2; Greenwich Capital Acceptance Inc. commercial mortgage pass-through certificates, series 1999-ZC1 and series 2001-ZC1, classes A and IO; Greenwich Capital Markets Inc. commercial mortgage pass-through certificates, series 2000-ZC2, classes A-1B and A-BX; and Greenwich Capital Acceptance Inc. commercial mortgage pass-through certificates, series 2001-ZC1, classes A and IO. S&P said the actions followed the placement of ZC's and Centre's ratings on CreditWatch with negative implications. The rating agency can be found online at http://www.standardandpoors.com.