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07 Aug 2000
MOODY'S ASSIGNS RATINGS TO SEVEN CLASSES OF ACLC BUSINESS LOAN RECEIVABLES TRUST 2000-1
Approximately $209.5 Million of Debt Securities Affected.
New York, August 07, 2000 -- Moody's Investors Service has assigned ratings ranging from Aaa to A2
to various classes of notes issued by ACLC Business Loan Receivables Trust
2000-1 in a securitization of loans originated by AMRESCO Commercial
Finance, Inc. (ACFI). Moody's said the ratings are
based on the quality of the underlying loans, available credit support
and the experience of ACFI as servicer. The subordinated certificates
and the interest-only notes were not rated by Moody's.
The complete rating actions are as follows:
Issuer: ACLC Business Loan Receivables Trust 2000-1
$61,800,000 7.595% Class A-1 Business
Loan Receivables Notes, rated Aaa.
$28,600,000 7.830% Class A-2 Business
Loan Receivables Notes, rated Aaa.
$15,300,000 8.030% Class A-3F
Business Loan Receivables Notes, rated Aaa.
$68,600,000 Class A-3A Adjustable Rate Business
Loan Receivables Notes, rated Aaa.
$16,275,000 8.390% Class B Business Loan
Receivables Notes, rated Aa2.
$5,250,000 8.630% Class C Business Loan
Receivables Notes, rated Aa3.
$13,650,000 8.870% Class D Business Loan
Receivable Notes, rated A2.
The notes are secured by a pool of loans ACFI made to obligors operating
top-tier franchised, small chain and independent businesses.
The majority of obligors are engaged in the operation of restaurants (38.5%),
convenience/gas stores (16.5%), and automotive dealerships
ACFI sold the loans to a special purpose corporation for subsequent transfer
to the issuer. During the initial lockout period, all principal
payments will be applied to the Class A Notes and allocated sequentially
between the Class A-1, A-2, and A-3 Notes
(pro rata between Class A-3F and Class A-3A after the Class
A-2 Notes are reduced to zero). The lockout period will
end on the earlier of August 2003 or the date on which the Class A notes
are reduced to 70% of the total offered notes. Following
the lockout period, the principal will be distributed on a pro-rata
basis between the Class A, Class B, Class C, and Class
Interest Rate Cap Protects Class A-3A Investors
The issuer has entered into an interest rate cap with General Re Financial
Products Corporation (Aa1/P-1) to protect against the risk of fluctuations
in LIBOR. On any payment date where LIBOR is determined to exceed
8.50%, the hedge counterparty will be required to
deposit any interest due above this amount to the collection account for
the benefit of the Class A-3A noteholders.
Subordination, Cross Guarantees, Reserve Account, and
Excess Spread Provide Cushion
Holders of the notes are protected against credit losses by the subordination
of more junior notes and the unrated certificates, cross guarantees
from the obligors on the underlying loans (11.0%),
a reserve account and excess spread. Initial subordination equals
17% for Class A, 9.25% for Class B, 6.75%
for Class C, and 0.25% for Class D. The subordinated
certificates are not entitled to receive principal distributions until
the notes are reduced to zero. As a result, the credit enhancement
supporting the rated notes should increase as the pool amortizes.
At closing $1.0 million was deposited into a spread account.
The initial balance is required to be maintained until August 2005.
At that time the spread account requirement will be reduced to $500,000.
The excess spread derived from the pool's weighted average coupon in excess
of 10% is a significant source of loss protection as well.
Approximately 10.6% Prefunded
At closing, loans with an aggregate principal balance of approximating
$188 million were contributed to the trust. An additional
$22 million was deposited into a pre-funding account for
the purchase of subsequent loans prior to October 28, 2000.
The subsequent loans are subject to certain selection criteria designed
to assure similar credit quality as the initial loans.
The loans are collateralized by fee simple 1st mortgages (61.5%
of the initial pool balance), fee simple 2nd mortgages (2.25%),
leasehold mortgages (31.76%), equipment (3.18%),
and ground lease mortgages (1.33%). The pool should
benefit from the concentration of fee simple mortgages because loans secured
by real estate are expected to experience higher recoveries in the event
of a default. The loans have a unit weighted average fixed charge
coverage ratios of approximately 1.77 times. Borrower concentrations
are comparable to the issuer's 1999-1 transaction. The ten
largest borrowers comprise 54.1% of the initial pool and
the five largest 33.5%.
ACFI as Servicer
ACFI is a Nevada corporation wholly owned by AMRESCO, Inc.
(Caa3). ACFI has been originating, servicing, and securitizing
fixed and floating rate loans to franchise and non-franchise businesses
on a nationwide basis since 1993. ACLC Funding Corp. is
a Delaware special purpose company and a subsidiary of ACFI.
The notes were sold in a privately negotiated transaction without registration
under the Securities Act of 1933 (the Act) under circumstances reasonably
designed to preclude a distribution thereof in violation of the Act.
The issuance has been designed to permit resale under Rule 144A.
Structured Finance Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653
Jasper T Brice
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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