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Rating Action:

MOODY'S DOWNGRADES SIX CLASSES OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., SERIES 2002-TFL1

07 Jun 2004
MOODY'S DOWNGRADES SIX CLASSES OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., SERIES 2002-TFL1

Approximately $530.9 Million of Structured Securities Affected

New York, June 07, 2004 -- Moody's Investors Service downgraded the ratings of six classes and confirmed or affirmed the ratings of eleven classes of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2002-TFL1 as follows:

-Class A-1, $237,405,121, Floating, affirmed at Aaa

-Class A-2, $234,000,000, Floating, affirmed at Aaa

-Class A-X, Notional Balance, Floating, affirmed at Aaa

-Class F-717, $9,200,000, Floating, confirmed at A3

-Class G-717, $6,300,000, Floating, confirmed at Baa1

-Class H-717, $4,000,000, Floating, confirmed at Baa2

-Class F-ALH, $3,888,000, Floating, downgraded to Ba1 from Baa2

-Class F-AON, $3,900,000, Floating, affirmed at Baa2

-Class G-AON, $3,000,000, Floating, affirmed at Baa3

-Class H-AON, $3,000,000, Floating, affirmed at Baa3

-Class F-COT, $3,648,000, Floating, confirmed at Baa1

-Class G-COT, $1,425,000, Floating, confirmed at Baa2

-Class F-POR, $4,700,000, Floating, downgraded to Baa3 from Baa1

-Class G-POR, $3,150,000, Floating, downgraded to Ba2 from Baa3

-Class F-WBC, $6,500,000, Floating, downgraded to Baa3 from A3

-Class G-WBC, $3,500,000, Floating, downgraded to Ba2 from Baa2

-Class H-WBC, $3,250,000, Floating, downgraded to Ba3 from Baa3

The Certificates are collateralized by ten mortgage loans. The loans range in size from 4.3% to 21.0% of the pool based on current principal balances. As of the May 9, 2004 distribution date, the transaction's aggregate certificate balance has decreased by approximately 13.2% to $689.1 million from $793.9 million at closing as a result of the payoff of one loan initially in the pool and the partial release of collateral associated with another loan. Classes A-1 through Class E are pooled classes, which benefit from pool diversity while Classes F, G and H depend on the performance of a specific loan for debt service and ultimate repayment. Moody's rates pooled classes A-1, A-2 and A-X, as well as 14 of the rake classes offered.

Moody's was provided with year-end 2003 operating results for all the loans in the trust. Moody's weighted average loan to value ratio ("LTV") is 69.8%, compared to 64.2% at securitization. Classes A-1, A-2 and A-X are confirmed or affirmed along with the rake classes that pertain to 717 Fifth Avenue, the Aon Building and the Cottonstar Portfolio. The rake classes associated with the Alliance LHMD Multifamily Portfolio, the Portland Multifamily Portfolio and Williamsburg & The Commons have been downgraded due to weaker operating performance.

The 717 Fifth Avenue Loan ($145.0 million - 21.0%) is secured by a 27-story office tower that includes approximately 379,569 square feet of office space and 55,700 square feet of retail space located in New York City. The property was 96.5% occupied as of December 2003. However, one tenant occupying 7.7% of the building has since vacated and another tenant representing 15.8% has announced that it will vacate upon its lease expiration in June 2004. Moody's believes that the space occupied by these two tenants will be re-leased at higher net rental rates and that the vacancy increase will be temporary due to the desirability of the building and favorable market conditions. The largest tenant in the building is Merrill Lynch (Moody's senior unsecured rating Aa3) which occupies approximately 31.0% of the property. The Plaza District of Manhattan had a market vacancy rate of 9.6% as of the 1st quarter of 2004. Moody's LTV is 59.7%, essentially the same as at securitization. Moody's shadow rating is Baa2.

The Alliance BP Multifamily Portfolio Loan ($110.0 million - 16.0%) is secured by 13 garden-style apartment properties located in Texas, Georgia, Virginia, Ohio, Florida and Michigan. The properties contain a total of 4,446 units. As of December 2003 occupancies ranged from 81.0% to 97.0% with a weighted average occupancy rate of 91.0%, compared to 89% at securitization. However, rental income declined by 11.2% since securitization. Moody's LTV is 79.0%, compared to 70.8% at securitization.

The Alliance LHMD Multifamily Portfolio Loan ($109.7 million - 16.0%) is secured by 21 garden-style multifamily projects located in North Carolina, South Carolina, Tennessee, Georgia, Texas and Virginia. The properties contain a total of 4,850 units. As of December 2003 occupancies ranged from 83.0% to 99.0% for a weighted average occupancy of 94.0%, compared to 91.0% at securitization. Rental income declined however by approximately 19.0% since securitization. Moody's LTV is 79.1%, compared to 72.6% at securitization.

The Warren Corporate Center Loan ($76.0 million - 11.0%) is secured by five 4-story Class A office buildings located in Warren, Somerset County, New Jersey. The 796,573 square foot complex was 100% leased to Lucent Technologies (Moody's senior unsecured rating Caa1) at securitization. Lucent currently leases 79.0% of the property but has vacated all five buildings. The lease on one building has been terminated and Lucent intends to terminate its leases on two additional buildings in August 2004 and August 2005. Lucent has no termination options in the remaining two buildings. The loan was structured with a $20.0 million upfront rollover reserve in addition to on-going rollover reserves. Lucent's intention to vacate was incorporated into Moody's original analysis. Moody's LTV is 57.9%, compared to 54.6% at securitization. Moody's shadow rating is A1.

The Cottonstar Portfolio Loan ($39.9 million - 5.8%) was originally secured by four cross-collateralized and cross-defaulted mortgages securing four office properties. Since securitization, two of the properties have been released from the collateral. The remaining two Class A office properties (5956 Sherry Lane - 286,404 square feet and 7557 Rambler Road - 307,130 square feet) are located in two separate submarkets in Dallas, Texas. Combined year-end occupancy was 90.2%, compared to 89.9% at securitization. Combined market occupancy for the two locations was 86.2% as of the 1st Quarter of 2004. Moody's LTV is 63.8%, compared to 59.8% at securitization.

The Aon Office Building Loan ($52.0 million - 7.5%) is secured by a 412,409 square foot, 7-story suburban office building located in Glenview, Cook County, Illinois. The building is 98.2% leased to Aon Corporation (Moody's senior unsecured rating Baa2). Aon has occupied the building since 1999 under a long-term lease that expires in 2017. There are two 5-year extension options priced at 95.0% of the prevailing market rate. Aon is fully obligated under the terms of the lease and the borrower purchased a Lease Enhancement Policy to mitigate the risk of rent abatement or lease termination. Moody's LTV is 96.0%, compared to 93.4% at securitization. Moody's shadow rating is Baa3

The Waterfront Corporate Center Loan ($50.0 million - 7.3%) is secured by a recently constructed (2002) 14-story, 560,786 square foot office building located in Hoboken, New Jersey. The major tenant, John Wiley & Sons, occupies 68.9% of the net rentable area under a long-term lease expiring in 2017. Moody's LTV is 46.7%, compared to 45.8% at securitization. Moody's shadow rating is Aa1.

The Williamsburg & The Commons Loan ($42.2 million - 6.1%) is secured by two cross-collateralized and cross-defaulted garden-style apartment properties containing a total of 1,264 units. Both properties are located in the Cincinnati, Ohio area. The properties had a combined vacancy of approximately 21.6% as of year-end 2003. The property's poor performance is due to a combination of inadequate management and challenging market conditions. Moody's LTV is 80.1%, compared to 62.8% at securitization.

The South Park Mall Loan ($34.6 million - 5.0%) is secured by a 791,043 square foot regional mall located in San Antonio, Texas. The mall is anchored by Foley's, J.C. Penney, Mervyn's, Sears and Beall's. As of December 2003 in-line vacancy was 10.7%, compared to 16.4% at securitization. Moody's LTV is 67.6%, compared to 68.8% at securitization.

The Portland Multifamily Portfolio Loan ($29.7 million - 4.3%) is secured by two cross-collateralized and cross-defaulted garden-style apartment properties containing 710 units in suburban Portland, Oregon. Moody's LTV is 70.8%, compared to 61.5% at securitization.

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

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

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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