Fitch Comments on the Stuyvesant Town/Peter Cooper Village Loan.

Business Wire | January 22, 2009 | Copyright

NEW YORK -- Fitch Ratings has reviewed updated financials, including a 2009 budget and the year-end 2008 rent roll, for the Stuyvesant Town/Peter Cooper Village loan. Although the property's performance remains consistent, the cash flow generated from the property continues to require significant reserves to cover debt service obligations. As of Jan. 15, 2009 the General Reserve balance has been completely depleted and the Debt Service Reserve balance has decreased to $127.7 million from $400 million at issuance. Property cash flow is not expected improve from 2008 based on ...

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