USA: Fitch Affirms Kmart Funding Corp's Bond Ratings
Kmart Funding Corporation's secured lease bonds $107.5m Series F and $20.9m Series G have been affirmed at `BB+' by Fitch. The rating affirmations follow Fitch's annual review of this transaction, which closed in August 1994.The certificates are currently collateralised by an assignment of rents on 24 properties guaranteed by absolute net leases to Kmart Corporation (Kmart), in which Kmart is obligated to pay rental payments with no set-off, abatement or reduction. The properties originally consisted of 19 Kmart stores, four Builders Square stores and one apparel warehouse location. Although Kmart recently announced that it would close one of the Kmart stores in this pool and the Builders Square locations have been vacant, the ratings of this transaction depend entirely on the rating of Kmart's senior debt obligations.Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co, provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.
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