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07 Mar 2005
MOODY'S DOWNGRADES SIX CLASSES OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., SERIES 2002-TFL1
Approximately $147.7 Million of Structured Securities Affected
New York, March 07, 2005 -- Moody's Investors Service downgraded the ratings of six classes
and affirmed the ratings of two classes of Credit Suisse First Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2002-TFL1 as follows:
-Class A-2, $125,455,121,
Floating, affirmed at Aaa
-Class A-X, Notional, affirmed at Aaa
-Cass F-ALH, $3,888,310,
Floating, downgraded to B1 from Ba1
-Class F-COT, $3,647,794,
Floating, downgraded to Baa3 from Baa1
-Class G-COT, $1,424,920,
Floating, downgraded to Ba1 from Baa2
-Class F-WBC, $6,500,000,
Floating, downgraded to Ba3 from Baa3
-Class G-WBC, $3,500,000,
Floating, downgraded to B3 from Ba2
-Class H-WBC, $3,250,000,
Floating, downgraded to Caa2 from Ba3
The Certificates are collateralized by four mortgage loans. The
loans range in size from 13.2% to 36.5% of
the pool based on current principal balances. As of the February
18, 2005 distribution date, the transaction's aggregate
certificate balance has decreased by approximately 62.0%
to $301.8 million from $793.9 million at closing
as a result of the payoff off of seven loans initially in the pool and
the partial release of collateral associated with one loan. Classes
A-2 through 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 Classes A-2 and A-X as well as six of the remaining
Moody's was provided with year-end 2004 operating results
for all four remaining loans in the trust. Moody's weighted
average loan to value ratio ("LTV") is 90.2%,
compared to 69.8% at Moody's last review in June 2004
and 66.0% at securitization. Classes A-2 and
A-X are affirmed. The rake classes that pertain to the Williamsburg
& The Commons loan were placed on review for possible downgrade on
November 19, 2004 due to default. The rake classes that pertain
to the Alliance LHMD Multifamily Portfolio Loan, the Cottonstar
Portfolio Loan and the Williamsburg & The Commons Loan have been downgraded
due to weaker performance.
The largest loan is the Alliance BP Multifamily Portfolio Loan ($110.0
million - 36.5%), which is secured by 13 garden-style
multifamily properties located in Texas, Georgia, Ohio,
Virginia, Florida, and Michigan. The properties contain
a total of 4,446 units. As of December 2004, occupancies
ranged from 66.0% to 95.0% with a weighted
average occupancy rate of 82.1%, compared to 91.0%
at Moody's last review in June 2004 and 89.0% at securitization.
In-place average rents as of December 2004 have fallen approximately
11.7% to $550/unit/month from $623/unit/month
at securitization. Total rental income for 2004 fell below budget
due primarily to greater than forecasted vacancy, rental concessions
and bad debt expense. Moody's LTV is 93.4%,
compared to 79.0% at Moody's last review in June 2004
and 70.8% at securitization.
The second largest loan is the Alliance LHMD Multifamily Portfolio Loan
($109.7 million - 36.3%), which
is secured by 21 garden-style multifamily properties located in
North Carolina, South Carolina, Tennessee, Georgia,
Texas, and Virginia. The properties contain a total of 4,850
units. As of December 2004, occupancies ranged from 72.0%
to 96.0% with a weighted average occupancy rate of 87.9%,
compared to 94.0% at Moody's last review and 91.0%
at securitization. In-place average rents as of December
2004 have fallen approximately 10.4% to $499/unit/month
from $557/unit/month at securitization. Total rental income
for 2004 fell below budget due primarily to greater than forecasted vacancy,
rental concessions and bad debt expense. Mezzanine debt amounts
to $15.0 million and is held by Fortress Investment Group,
LLC, Inc. Lehman Brothers Holdings Inc., the
holder of the second mezzanine loan, has foreclosed on its position
and acquired all of the borrower's controlling interest in the property.
Moody's LTV is 90.3%, compared to 79.1%
at last review and 72.6% at securitization.
The third largest loan is the Williamsburg & The Commons Loan ($42.2
million - 14.0%), which 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 30.9% as of December 2004. The properties have
performed significantly below expectations and have approximately $4.0
million in deferred maintenance. The loan is in default and the
special servicer has filed a foreclosure motion. A receiver has
been in place since November 2004. Any losses related to the Williamsburg
& The Commons Loan will be allocated first to the $22.8
million junior interest that is held outside the trust, then to
the non-pooled Certificates H-WBC, G-WBC and
F-WBC in that order. If there are additional losses,
they will be borne by the pooled certificates commencing with Class E.
Moody's LTV for the trust balance is 99.5%,
compared to 80.1% at last review and 62.8%
The fourth largest loan is the Cottonstar Portfolio Loan ($39.9
million - 13.2%), which 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
occupancy as of December 2004 was 86.0%, essentially
the same as at Moody's last review. However, market
rents for both buildings have fallen and new leases are being executed
at lower rents. Additionally, operating expenses in both
buildings have risen. The market vacancy at year end 2004 in the
Sherry Lane submarket was 11.8% and was 20.7%
in the Rambler Road submarket. Moody's LTV is 71.0%,
compared to 63.8% at last review and 65.7%
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
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