SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: March 24, 1999
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(Date of earliest event reported)
Asset Securitization Corporation
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(Exact name of registrant as specified in its charter)
Delaware 333-53859 13-3672337
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(State or Other (Commission (I.R.S. Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
Two World Financial Center, Building B, New York, New York 10281
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Address of Principal Executive Office
Registrant's telephone number, including area code: (212) 667-9300
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Item 5. Other Events.
On March 24, 1999, Moody's Investors Service lowered its long-term
debt rating of Nomura Securities Co., Ltd. ("NSC") to "Baa2" from "Baa1" and
also placed the NSC's short-term ratings on review for possible downgrade.
Also on March 24, 1999, Standard & Poor's lowered NSC's long-term
credit rating to "BBB" from "A- " and reduced its short-term rating to "A-3"
from "A-2."
As disclosed in the Registrant's prospectus and prospectus
supplement dated March 19, 1999, NSC is the ultimate parent of Nomura Holding
America Inc. ("NHA"), a mortgage loan seller in the Registrant's Commercial
Mortgage Asset Trust, Commercial Mortgage Pass-Through Certificates, Series
1999-C1 transaction. NHA is also the indirect parent of the Registrant.
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Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on behalf of the Registrant by the
undersigned thereunto duly authorized.
ASSET SECURITIZATION CORPORATION
By: /s/ Marlyn Marincas
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Name: Marlyn Marincas
Title: Director
Date: March 24, 1999
