Belenus Securities Public Ltd Co.
Update by Fitch IBCA November 1998 [
DEAL SUMMARY
ISSUE DATE 12/13/96   ANALYSTS Chris Hillard • 441713820679 
Esmeta Stewart • 212-908-0765 
FINAL RATED MATURITY 11/20/14
LAST REVIEW DATE 11/11/98 UNDERWRITER Lehman London 
PAYMENT FREQUENCY Quarterly TRUSTEE ABN AMRO Bank 
FITCH IBCA REPORT AVAIL Yes SERVICER Banque SOFAL 
LARGE LOAN POOLS No  SPCL SERVICER N/A
SERVICER ADVANCING Yes
ORIGINAL STATISTICS
COLLATERAL BAL 1,543,834,596   PROP TYPE 44% OF   25% RT   12% HT 
# OF LOANS 427 GEO DIST
RESERVE FUND 0 ORIGINAL WAC/WAM 8.92% / 88 mos

 
BELENUS SECURITIES PUBLIC LTD CO.
CLASS SUMMARY
CLASS
ORIG
RTNG		 CURR
RTNG		 RATING
ALERT		 ORIG
C/E		 11/20/98
C/E		 ORIGINAL
AMOUNT		 11/20/98
AMOUNT		 08/20/98
AMOUNT
A AA N/R 62.0 0.0 585,700,000 0 0
B A AA+ 48.0 95.5 215,800,000 35,271,701 50,100,673
C BBB AA- 38.0 75.6 154,100,000 154,100,000 154,100,000
D NR NR 30.0 59.7 123,300,000 123,300,000 123,300,000
E NR NR 25.0 49.8 77,100,000 77,100,000 77,100,000
F NR NR 0.0 0.0 387,834,596 386,590,849 386,590,849
TOTALS 1,543,834,596 776,362,550 791,191,522

 
BELENUS SECURITIES PUBLIC LTD CO.
DELINQUENCY HISTORY
DISTRIBUTION DATE ORIGINAL
COLLATERAL BAL  1,543,834,596
CERTIFICATE BAL  1,543,834,596
RESERVE BALANCE  0
# OF LOANS  427
O/C  
DELINQUENCIES  
30 DAYS  
60 DAYS  
90 DAYS  
FORECLOSURES  
REO  
CUMULATIVE LOSSES  
ADVANCES  
11/20/98
776,413,853
776,362,550
60,000,000
280
0.00%
 
8.57%
0.05%
7.55%
0.00%
0.00%
1,243,748
0
08/20/98
791,242,825
791,191,522
60,000,000
280
0.00%
 
0.02%
0.61%
3.99%
0.00%
0.00%
1,243,748
0
05/20/98
1,042,270,356
1,042,219,057
60,000,000
286
0.00%
 
0.10%
0.74%
9.88%
0.00%
0.00%
0
0

 
BELENUS SECURITIES PUBLIC LTD CO.
COMMENTS
*French Franc Denomination -- The notes are backed by performing loans generally secured by commercial real estate properties in France. The assets are located in Paris 32%, the Paris suburbs 33% and the regions 35%. Fitch based its analysis on its French commercial mortgage default model, which correlated default probabilities and loss severity for various French real estate loan protfolios. The results indicated typical defaults of 68% and losses averaging 60% in recent historical environment, which was considered a 'AA' stress. Basis Risk is mitigated by Swap Counterparty, Swap Liquidity Reserve Acct., which will be funded during the first 18 months of the transaction, Interest Rate Cap Provider, and Swap Liquidity Facility.

Source: www.fitchibca.com