February 12, 2011 by staff
Steinmart, Stein Mart Inc. said same-store sales for the four weeks ended Jan. 29, fell 1.2 percent.
In a statement on Feb. 3, the Company noted that total sales for the period of four weeks in January and were 62.8 million, down 1.6 percent from 63.8 million and for the same period in 2010.
Sales in January were affected by adverse weather in the Northeast and parts of Southeast and Midwest.
In January, the category of home furnishings and men had the strongest sales performance, while shop for ladies sportswear and casual had the lowest trends. Geographically, sales were better than Company trend in January in Texas and Arizona, while sales were lower in the Northeast and Midwest.
The Company had 264 stores in operation at the end of January compared to 267 in the same period last year. No new stores were opened or closed at existing stores in January.
Fitch Ratings degradations four classes of Morgan Stanley Capital Trust I (MSCI), Series 2008-TOP29. In addition, Fitch has revised the loss severity (LS) ratings and rating rating outlook and recovery if necessary. A detailed list of rating actions follows at the end of this press release.
The transaction has not experienced losses to date. In January 2011 delivery, the weighted average coverage rate of the average debt service (WADSCR) reported for the pool to 1.36 times (x), with 75% of loans reporting a DSCR greater than 1.20x. P was the only certificate with a deficit of interest in the club in January 2010. Only three loans have been with the special service provider, two of which were (2%) reported that the delinquency as of January 2010 delivery.
The deterioration reflects Fitch expected losses in the pool. Fitch modeled the loss of 2.59% of the remaining pool, the expected losses on the pool size of origin of 2.56%. Fitch has designated 20 loans (34.5%) as Fitch loans of concern, which include the specially serviced three loans (3.6%). Five of Fitch loans of concern (22.2%) are in the top 15 loans in the transaction by the outstanding principal balance. Fitch believes that loans from the hassle of a high probability of default during the period, with losses ranging from $ 17,000 to $ 7 million.
As of the January 2011 distribution date, the aggregate principal balance of the pool decreased by 1.2% to 1.22 billion $ 1.23 billion U.S. dollars during the show. No loans are currently leveraging. Interest shortfalls are affecting only the non-rated class P.
The largest contributor to loss of Fitch-style (1.46%) is secured by an 112,821 square foot (sf) shopping center in Jacksonville, FL. The property was built in 2006 and is anchored by Steinmart (30% RDA). The loan was transferred to special servicing in December 2009 for imminent default due to deficiencies in cash flow resulting vacancy has increased, reduced rents, and slow paying tenants. The rent roll of December 2010 reported occupancy at 89%, an improvement over December 2009, which reported 77%. In the fourth quarter of 2010, CB Richard Ellis, Jacksonville, Arlington submarket recorded the retail vacancy rate of 19%. The service has DSCR special year-end (YE) 2010 and YE 2009 to 0.39x and 0.89x, respectively. The special service provider pursues foreclosure, however, a receiver is not yet in place. The borrower has submitted a reduced pay off (DPO) proposal, which is also being evaluated. An evaluation of May 2010 for the property indicated a value substantially lower than the loan balance.
The second largest contributor to losses Fitch model (1.53%) is secured by a 102,323 sf grocery anchored shopping center in Scottsdale, AZ. The loan was transferred to special servicing in January 2010 due to lack of payment and cash flow issues resulting from a previous tenant, which occupied 20,000 square feet (19% NRA), the bankruptcy and release of property. The service he stated that the vacated space has been leased recently (November 2010) to a furniture retailer. Therefore, the present occupation is 95%, an improvement of the role in December 2009, which reported 76% rent. The service has special DSCR for the year to date (YTD) in August 2010 and YE 2009 to 0.89x and 0.94, respectively. The loan was structured object with a period of 24 months without interest, amortization with payments to begin in February 2010. The loan was amended to extend the period of interest for 15 months with amortization payments begin in May 2011. The loan is outstanding at the distribution date in January 2011, and the special service provider said the transfer to the master servicer should take place in February 2011.
The third largest contributor to losses Fitch model (1.18%) is a 140,204 sf grocery anchored shopping center in Fredericksburg, Virginia. The property has experienced cash flow problems due to a steady decline in occupancy in 2009 from various tenants and extinguished before canceling the lease expirations. The roll in September 2010 reported occupancy rent flat in December 2009 to 81%, down from December 2008, which reported 93%. DSCR for the first half of 2010 and September 2009 reported to 0.78x YE and 0.90x, respectively. The loan is outstanding at the distribution date in January 2011.
Fitch downgraded and assigned recovery ratings (RR) on the following classes, as shown:
- And 1.5 million class L to ‘CCCsf/RR2 “from” B-sf/LS5;
- And 1.5 million class M at ‘CCCsf/RR2 “from” B-sf/LS5;
- And 4.6 million class N to ‘CCsf/RR6 “from” B-sf/LS5;
- And 4.6 million class O to ‘CCsf/RR6 “from” B-sf/LS5;
Fitch affirms the following classes, and maintains Outlook Notes and LS scores as indicated:
- And 30.9 million class A-1 ‘AAAsf/LS1; Outlook Stable;
- And 36.1 million class A-2 ‘AAAsf/LS1; Outlook Stable;
- And 64.8 million class A-3 ‘AAAsf/LS1; Outlook Stable;
- And 49.2 million class A-AB at ‘AAAsf/LS1; Outlook Stable;
- And 629.6 million class A-4 at ‘AAAsf/LS1; Outlook Stable;
- And 75 million class A-4FL at ‘AAAsf/LS1; Outlook Stable;
- And 123.4 million class AM at ‘AAAsf/LS3; Outlook Stable;
In addition, Fitch affirms the following classes, revises outlook and maintains the ratings LS as indicated:
- And 72.5 million class A-J1 to ‘AAsf/LS3; Outlook to stable from negative;
- And 20.1 million class B at ‘Asf/LS4; Outlook from Negative to Positive;
- And 10.8 million class C at ‘Asf/LS5; Outlook to stable from negative;
- And 21.6 million class D at ‘BBBsf/LS4; Outlook to stable from negative;
- And 12.3 million class E at ‘BBBsf/LS5; Outlook to stable from negative;
- And 13.9 million class F at ‘BBsf/LS5; Outlook to stable from negative;
- And 13.9 million class G ‘BBsf/LS5; Outlook to stable from negative;
- And 10.8 million class H at ‘Bsf/LS5; Outlook to stable from negative;
- And the 1.5 million class J ‘Bsf/LS5; Outlook to stable from negative;
- And the 4.6 million class K B-sf/LS5; Outlook to stable from negative.
Fitch does not rate class P.
Fitch withdraws the rating on the classes of interest X. (For more information on the withdrawal of notes on these classes, see ‘Fitch Revises Practice for Valuation & IO Prepay associated Structured Finance Securities, dated June 23, 2010.)
Additional information on the criteria for theanlysis of Fitch U.S. CMBS transactions is available in the November 17, 2010 report, “Methodology for monitoring of U.S. fixed-rate CMBS Transactions’, which is available at ‘www.fitchratings.com’ under the following headings:
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