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Ratings Lowered to 'D' on Kmart Corp.'s Series 1995-K3 and 1995-K4 Jul 02
Standard & Poors, July 2002
NEW YORK (Standard & Poor's) July 16, 2002--Standard & Poor's today lowered its ratings on two Kmart Corp.-related credit lease series to 'D' from triple-'C'-minus and removed them from CreditWatch negative, where they were placed on Jan. 15, 2002 (see list). Kmart Corp. net leased 18 properties that secure the mortgage notes that collateralized the transaction. Eight of the 18 leases were rejected in conjunction with Kmart Corp.'s bankruptcy filing. This resulted in a shortfall of interest payments to the certificateholders on the July 2002 distribution. The series 1995-K3 was shorted approximately $2.8 million, while series 1995-K4 was shorted approximately $1.6 million. RATINGS LOWERED AND REMOVED FROM CREDITWATCH Kmart Corp. Rating Series To From 1995-K3 D CCC-/Watch Neg 1995-K4 D...
Companies mentioned in this report are: Kmart Holding Corp.
Action: Downgraded, Off CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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Kmart Holding Corp.