info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities. Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.

 

4.             To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.     

 

5.             You agree to read and be bound by the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

​
I AGREE
Announcement:

MOODY'S AFFIRMS TWENTY-FOUR CLASSES OF J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP., SERIES 2003-CIBC7

09 Aug 2005
MOODY'S AFFIRMS TWENTY-FOUR CLASSES OF J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP., SERIES 2003-CIBC7

Approximately $1.42 Billion of Structured Securities Affected

New York, August 09, 2005 -- Moody's Investors Service affirmed the ratings of twenty-four classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2003-CIBC7 as follows:

-Class A-1, $49,718,307, Fixed, affirmed at Aaa

-Class A-1A, $379,065,998, Fixed, affirmed at Aaa

-Class A-2, $150,000,000, Fixed, affirmed at Aaa

-Class A-3, $191,758,000, Fixed, affirmed at Aaa

-Class A-4, $390,000,000, Fixed, affirmed at Aaa

-Class X-1, Notional, affirmed at Aaa

-Class X-2, Notional, affirmed at Aaa

-Class B, $34,689,000, Fixed, affirmed at Aa2

-Class C, $13,875,000, Fixed, affirmed at Aa3

-Class D, $27,751,000, Variable, affirmed at A2

-Class E, $15,610,000, Variable, affirmed at A3

-Class F, $17,345,000, Variable, affirmed at Baa1

-Class G, $10,407,000, Variable, affirmed at Baa2

-Class H, $19,078,000, Variable, affirmed at Baa3

-Class J, $5,204,000, Fixed, affirmed at Ba1

-Class K, $5,203,000, Fixed, affirmed at Ba2

-Class L, $8,672,000, Fixed, affirmed at Ba3

-Class M, $8,673,000, Fixed, affirmed at B1

-Class N, $3,469,000, Fixed, affirmed at B2

-Class P, $3,468,000, Fixed, affirmed at B3

-Class FS-1, $13,400,000, Variable, affirmed at A1

-Class FS-2, $13,300,000, Variable, affirmed at A2

-Class FS-3, $13,200,000, Variable, affirmed at A3

-Class FS-4, $45,100,000, Variable, affirmed at Baa2

As of the July 12, 2005 distribution date, the transaction's aggregate balance has decreased by approximately 2.4% to $1.44 billion from $1.47 billion at securitization. The Certificates are collateralized by 183 mortgage loans. The loans range in size from less than 1.0% to 11.5% of the pool, with the top ten loans representing 39.5% of the pool. The pool consists of three shadow rated loans, representing 18.8% of the pool, and a conduit component representing 81.2% of the pool.

One loan has been liquidated from the pool resulting in a realized loss of approximately $2.6 million. One loan, representing less than 1.0% of the pool, is currently in special servicing. Moody's does not anticipate a loss on this loan. Twenty-eight loans, representing 27.9% of the pool, are on the master servicer's watchlist.

Moody's was provided with partial or full-year 2004 operating results for 92.0% of the performing loans. Moody's loan to value ratio ("LTV") for the conduit component is 88.4%, compared to 87.6% at securitization. Based on Moody's analysis, 14.9% of the conduit pool has a LTV greater than 100.0% compared to 2.1% at securitization. The decline in pool performance has been offset by increased credit enhancement due to amortization and prepayments, resulting in an affirmation of Moody's ratings.

The largest shadow rated loan is the Forum Shops Loan ($155.0 million - 11.5%), which represents a participation interest in a $465.0 million first mortgage loan. The loan is secured by a 637,000 square foot anchored retail center located at Caesar's Palace in Las Vegas, Nevada. A 156,500 square foot expansion (Phase III) was recently completed in October 2004. The center includes a number of prestigious retailers such as Versace, Gucci, Valentino and Salvatore Ferragamo. Occupancy is 97.0%, the same as at securitization. Average sales for tenants less than 10,000 square feet are $1,101 per square foot for calendar year 2004, compared to $1,029 for 2003. The loan sponsor is the Simon Property Group ("Simon"; Moody's preferred stock rating Baa3), a publicly traded REIT. The property is also encumbered by an $85.0 million B-note which secures Classes FS-1, FS-2, FS-3 and FS-4. The loan is on the master servicer's watchlist because of litigation between Simon and a former partner over the price Simon paid for the former partner's interest in the borrowing entity. Moody's current shadow ratings for the participation interest and B-note are Aa3 and Baa2 respectively, the same as at securitization.

The second shadow rated loan is the One Post Office Square Loan ($60.0 million --4.4%), which represents a participation interest in a $120.0 million first mortgage loan. The loan is secured by a 766,000 square foot Class A office building located in the financial district of Boston, Massachusetts. The property is approximately 80.0% leased, compared to 91.9% at securitization. At securitization 23.4% of the property was occupied by Pricewaterhouse Coopers ("Coopers") at a below market rent. Moody's initial analysis recognized that Coopers planned to vacate at lease expiration in April 2005. A large portion of the space formerly occupied by Coopers has been re-leased to UBS Financial Services (13.7% NRA; lease expiration April 2015). Other major tenants include Putnam Investments (38.9% NRA: expiration March 2009) and Sullivan & Worcester (13.8%; expiration December 2011). The loan sponsors are Equity Office Properties (Moody's preferred stock rating Baa3) and Prime Property Fund (Moody's senior unsecured bank credit facility rating A3). Moody's current shadow rating for the participation interest is Aa3, the same as at securitization.

The third shadow rated loan is the Brown Noltemeyer Portfolio Loan ($39.0 million -- 2.9%), which consists of five cross collateralized and cross defaulted loans secured by eight multifamily properties. The properties total 2,087 units and are all located in Louisville, Kentucky. The portfolio is 90.1% occupied, compared to 95.9% at securitization. The portfolio's performance has declined since securitization due to increased operating expenses. Moody's current shadow rating is Aa3, compared to Aa2 at securitization.

The top three conduit exposures represent 12.0% of the outstanding pool balance. The largest conduit exposure is the Hometown America Portfolio III Loan ($63.4 million -- 4.7%), which is secured by five manufactured housing communities. The properties are located in four states and contain a total of 1,953 pads. The portfolio is 91.1% occupied, compared to 95.5% at securitization. The loan sponsors are Hometown America, one of the largest privately held owners/operators of manufactured housing communities, and the Washington State Investment Board. Moody's LTV is 90.2%, compared to 89.9% at securitization.

The second largest conduit loan is the State House Square Loan ($50.9 million -- 3.8%), which is secured by a 800,000 square foot Class A office building located in downtown Hartford, Connecticut. The property is 74.0% occupied, compared to 91.5% at securitization. The decline in occupancy is largely due to the Travelers Property Casualty Company vacating 17.8% of the property at lease expiration in June 2004. The company now occupies 16.7% of the property on a lease expiring in 2013. Other major tenants include Aeltus Investment Management (14.2% NRA; expiration February 2012) and Advest (12.4%; expiration December 2005). The loan is on the master servicer's watchlist due to a decline in occupancy. Moody's LTV is 95.6%, compared to 86.8% at securitization.

The third largest conduit loan is the Colony Cove Loan ($47.6 million -- 3.5%), which is secured by a 2,210-pad mobile home park located approximately 40 miles south of Tampa in Ellenton, Florida. The community has a full complement of amenities, including a marina, boat ramp, picnic areas and fishing pier. The property is 98.0% occupied, essentially the same as at securitization. The loan sponsors are Hometown America, one of the largest privately held owners/operators of manufactured housing communities, and the Washington State Investment Board. Moody's LTV is 70.7%, compared to 73.4% at securitization.

The pool's collateral is a mix of retail (35.6%), office (24.7%), multifamily (18.9%), manufactured housing (11.2%) and industrial and self storage (9.6%). The collateral properties are located in 36 states and Washington, D.C. The highest state concentrations are Nevada (12.7%), Texas (12.0%), Florida (10.8%), California (8.5%) and New York (5.6%). All of the loans are fixed rate.

New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Sandra Ruffin
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
Moodys.com