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S&P Raises, Afms First Bstn Mtg Sec Corp 1993-M1 Rtgs NEW YORK (Standard & Poor's) Sept. 19, 2002--Standard & Poor's Ratings Services today…

By remstaff | Globe Street | | Updated on September 20, 2002

S&P Raises, Afms First Bstn Mtg Sec Corp 1993-M1 Rtgs

NEW YORK (Standard & Poor’s) Sept. 19, 2002–Standard & Poor’s Ratings Services today raised its ratings on three classes of First Boston Mortgage Securities Corp.’s multifamily mortgage pass-through certificates series 1993-M1. Concurrently, ratings are affirmed on four other classes on the same series (see list).

The rating actions reflect the increased credit support available for the classes due to loan pay-offs and the value appreciation that has occurred in the collateral. Based on Standard & Poor’s cooperative valuation analysis, the current loan-to-value (LTV) ratio is estimated at 3.74% as compared to 13.84% at issuance. The collateral pool comprises 13 loans with a principal balance of $17.4 million secured by underlying first mortgages on cooperative buildings. Eight of the loans are adjustable-rate and five are fixed-rate. Ten of the properties are located in New York, N.Y.; one property is located in the Bronx, one in Westchester County, and one is in Queens. Standard & Poor’s estimate is that the New York City cooperatives represent 87% of the collateral value.

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