-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CCiunp28hQr14SLyqPTKKbZXHjyl8TS0xOseE7qaAVTca1GrFsGxhrtFf+XDZjkb eCgW4ycMHOL2V6yhARKK+g== 0000847322-04-000054.txt : 20040927 0000847322-04-000054.hdr.sgml : 20040927 20040927160900 ACCESSION NUMBER: 0000847322-04-000054 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040927 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040927 DATE AS OF CHANGE: 20040927 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRIIMI MAE INC CENTRAL INDEX KEY: 0000847322 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 521622022 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10360 FILM NUMBER: 041047394 BUSINESS ADDRESS: STREET 1: 11200 ROCKVILLE PIKE CITY: ROCKVILLE STATE: MD ZIP: 20852 BUSINESS PHONE: 3018162300 FORMER COMPANY: FORMER CONFORMED NAME: CRI INSURED MORTGAGE ASSOCIATION INC DATE OF NAME CHANGE: 19920703 8-K 1 cmm_8k-092704.txt CBO2 RATINGS 8K 092404 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: (Date of Earliest Event Reported): September 27, 2004 (September 24, 2004) CRIIMI MAE INC. (Exact name of registrant as specified in its charter) Maryland 1-10360 52-1622022 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 11200 Rockville Pike Rockville, Maryland 20852 (Address of principal executive offices, including zip code, of Registrant) (301) 816-2300 (Registrant's telephone number, including area code) 2 Item 8.01. Other Events. Attached as an exhibit to this Current Report on Form 8-K is a press release issued by CRIIMI MAE Inc. on September 24, 2004. The above referenced press release is incorporated by reference herein. Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. The following exhibits are filed with this report: Exhibit 99 - Press Release dated September 24, 2004. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CRIIMI MAE Inc. Dated: September 27, 2004 By:/s/Mark A. Libera ------------------------- Mark A. Libera Vice President Acting General Counsel 3 EXHIBIT INDEX Exhibit No. Description - -------------------------------------------------------------------------------- * 99 Press Release dated September 24, 2004 * Filed herewith. EX-99 2 cbo_2-pr092404.txt CBO2 RATING PRESS RELEASE 092404 Exhibit 99 Susan B. Railey For shareholders and securities brokers (301) 468-3120 James T. Pastore For news media (202) 546-6451 FOR IMMEDIATE RELEASE CRIIMI MAE Commercial Mortgage Trust Series 1998-C1 New CMBS Ratings Rockville, MD, September 24, 2004 - - CRIIMI MAE Inc. (NYSE: CMM) today announced that Standard & Poor's Ratings Services (S&P) raised the ratings on eight classes of certificates, lowered the ratings on two classes of certificates and affirmed the ratings on two classes of certificates issued by CRIIMI MAE Commercial Mortgage Trust Series 1998-C1 (CRIIMI MAE 1998-C1, also referred to as CBO-2 in the Company's SEC filings). S&P announced on September 22, 2004 that it had raised the ratings on four publicly offered classes of certificates from CRIIMI MAE 1998-C1 as follows: -----Rating----- Class To From ----- -- ---- A-1 AAA A+ A-2 AAA A+ B AAA BBB+ C AAA BBB S&P stated in its release that the raised ratings reflect the continued seasoning of the underlying mortgage pools and S&P's future loss expectations. S&P further stated that they evaluated the specially serviced loans, the delinquent loans, and other relevant information provided by CRIIMI MAE Services L.P., the Company's servicing subsidiary, in its surveillance review and the result of the analysis adequately supports the raised ratings. In addition, S&P changed the following ratings in effect for the CRIIMI MAE 1998-C1 certificates that were not initially publicly offered: -----Rating----- Class To From ----- -- ---- D-1 BBB- BB+ D-2 BBB- BB+ E BB+ BB F BB BB- H-1 B- B H-2 B- B The Class G certificate and the rated portion of the owners trust certificates of CRIIMI MAE 1998-C1 were affirmed at B+ and CCC, respectively. 2 Certificate ratings are just one of various factors that the Company uses to determine the fair values of its CMBS portfolio. As more fully described in the Company's SEC report on Form 10-Q in Notes 3 and 4 for the quarter ended June 30, 2004, the determination of fair values for its CMBS portfolio is also impacted by, among other factors, U.S. Treasury yields, CMBS spreads and the credit fundamentals of the commercial properties securing each pool of underlying commercial mortgage loans. At each quarter, the Company takes these factors into consideration in the fair value determination which when compiled and evaluated in total may increase or decrease the fair value of the Company's CMBS. Therefore, the Company's analysis of the changed ratings will be reflected in its determination of the fair value of the CMBS at the end of the current quarter. CRIIMI MAE Inc. is a commercial mortgage company structured as a REIT. CRIIMI MAE owns and manages a significant portfolio of commercial mortgage-related assets. Historically, CRIIMI MAE's primary focus was acquiring high-yielding, non-investment grade commercial mortgage-backed securities (subordinated CMBS). The Company's investment focus for the balance of 2004 and beyond is an origination-based plan for new business. For further information about the Company, see the Company's Web site: www.criimimaeinc.com. Shareholders and securities brokers should contact Shareholder Services at (301) 816-2300, e-mail shareholder@criimimaeinc.com, and news media should contact James Pastore, Pastore Communications Group LLC, at (202) 546-6451, e-mail pastore@ix.netcom.com. Note: Forward-looking statements or statements that contain the words "believe," "anticipate," "expect," "contemplate," "may," "will" and similar and projections contained in this release involve a variety of risks and uncertainties. These risks are set forth from time to time in the Company's SEC reports, including its Annual Report on Form 10-K for the most recent year and Quarterly Report on Form 10-Q for the most recent quarter. Such statements are subject to these risks and uncertainties, which could cause actual results to differ materially from those anticipated. CRIIMI MAE assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. ### -----END PRIVACY-ENHANCED MESSAGE-----