NEW YORK – Fitch has upgraded one class in Kidder Peabody Acceptance Corp.'s $138.2 million 1994-C3, and affirmed other rated classes.
The rating agency upgraded the $39.3 million class C to double-A-minus from single-A-plus.
The upgrades are primarily attributable to significant increases in subordination levels due to amortization, prepayments and strong pool performance.
As of the December 2000 distribution date, the outstanding collateral balance has been reduced to $138.2 million from $226.5 million at closing. Of the original 29 cross-collateralized and cross-defaulted loans in the pool, 18 loans remain outstanding.
The properties are Located in 11 states, with significant concentrations in Georgia (20 percent), Tennessee (20 percent), Illinois (15 percent) and Texas (14 percent). The pool's collateral consists of office (52 percent), multifamily (37 percent) and retail (9 percent) properties.
There are no delinquent loans in the pool.
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