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Rating Action:

MOODY'S DOWNGRADES THREE CLASSES OF MORGAN STANLEY DEAN WITTER CAPTAL I TRUST 2002-IQ3

09 Nov 2005
MOODY'S DOWNGRADES THREE CLASSES OF MORGAN STANLEY DEAN WITTER CAPTAL I TRUST 2002-IQ3

Approximately $807.4 Million of Structured Securities Affected

New York, November 09, 2005 -- Moody's Investors Service downgraded the ratings of three classes and affirmed the ratings of thirteen classes of Morgan Stanley Dean Witter Capital I Trust 2002-IQ3, Commercial Mortgage Pass-Through Certificates, Series 2002-IQ3 as follows:

-Class A-1, $33,776,749, Fixed, affirmed at Aaa

-Class A-2, $90,483,915, Fixed, affirmed at Aaa

-Class A-3, $90,019,000, Fixed, affirmed at Aaa

-Class A-4, $482,862,000, Fixed, affirmed at Aaa

-Class X-1, Notional, affirmed at Aaa

-Class X-2, Notional, affirmed at Aaa

-Class X-Y, Notional, affirmed at Aaa

-Class B, $26,152,000, Fixed, affirmed at Aa2

-Class C, $27,289,000, Fixed, affirmed at A2

-Class D, $2,274,000, Fixed, affirmed at A3

-Class E, $13,645,000, Fixed, affirmed at Baa1

-Class F, $10,233,000, Fixed, affirmed at Baa2

-Class G, $6,823,000, Fixed, affirmed at Baa3

-Class H, $10,233,000, Fixed, downgraded to Ba3 from Ba1

-Class J, $9,097,000, Fixed, downgraded to B2 from Ba2

-Class K, $4,548,000, Fixed, downgraded to B3 from Ba3

As of the October 17, 2005 distribution date, the transaction's aggregate balance has decreased by approximately 9.0% to $827.9 million from $909.7 million at securitization. The Certificates are collateralized by 233 mortgage loans ranging in size from less than 1.0% to 7.8% of the pool, with the top 10 loans representing 37.0% of the pool. The pool consists of 41 residential cooperative loans, which are shadow rated Aaa and represent 10.3% of the pool, a shadow rated loan, representing 2.2% of the pool, and a conduit component representing 87.5% of the pool. Three loans, representing 2.4% of the pool, have defeased and are collateralized by U.S. Government securities.

The pool has not experienced any losses since securitization. Forty-three loans, including five of the top 10 loans, are on the master servicer's watchlist. The watchlisted loans represent 32.5% of the pool. One loan, the Tulsa Distribution Center Loan ($29.7 million - 3.6%), is in special servicing. This loan is secured by a 758,000 square foot warehouse and distribution facility located in Tulsa, Oklahoma. The improvements consist of 5.5% office, 30.7% refrigerated warehouse and 63.8% climate controlled warehouse. At securitization the property was 100.0% leased to the Fleming Company, which declared bankruptcy in April 2003 and subsequently rejected its lease. The loan was transferred to special servicing in June 2005 due to delinquency. Negotiations are presently underway for the borrower to transfer the property to the trust via a deed-in-lieu of foreclosure. Moody's has estimated a loss of approximately $16.5 million from the specially serviced loan.

Moody's was provided with full year 2004 operating results for approximately 92.5% of the performing loans. Moody's loan to value ratio ("LTV") for the conduit component, excluding the specially serviced loan, is 78.0% compared to 77.4% at securitization. The downgrade Classes H, J and K is due to anticipated losses from the specially serviced loan and LTV dispersion. Based on Moody's analysis, 6.7% of the pool (excluding the specially serviced loan) has a LTV greater than 100.0%, compared to 1.0% at securitization.

The shadow rated loan is the 2371 San Tomas Expressway Loan ($18.4 million - 2.2%), which is secured by a 125,000 square foot Class A office building located in Santa Clara, California. The property is 100.0% leased to Nvidia Corporation (unrated by Moody's) on a lease expiring in February 2012. Although the property's occupancy and financial performance has been stable, the overall Santa Clara market has declined significantly since securitization. Market rents for Class A space have decreased over 30.0% to $22.70 per square foot from $33.00 per square foot at securitization, while vacancy has increased from 13.4% to 20.0%. Nvidia's current rent is approximately $22.00 per square foot above market. The loan matures in May 2012. Moody's current shadow rating is Ba1, compared to Baa1 at securitization.

The top three conduit loans represent 19.3% of the outstanding pool balance. The largest conduit loan is the 77 P Street Office Loan ($64.8 million - 7.8%), which is secured by a 342,000 square foot office building located in the Capitol Hill submarket of Washington, D.C. The property is 100.0% occupied, compared to 97.0% at securitization. All the tenants are departments of the Washington, D.C. municipal government and the leases all expire in June 2011. The largest tenant is the Department of Employment Services (31.3% NRA). The loan is on the master servicer's watchlist due to low debt service coverage as a result of several tenants having reduced rent periods in 2004. The loan matures in December 2012. Moody's LTV is 88.1%, compared to 89.9% at securitization.

The second largest conduit loan is the One Seaport Plaza Loan ($63.1 million - 7.6%), which represents a 34.2% participation interest in a $184.5 million loan. The loan is secured by a 1.1 million square foot Class A office building located on Water Street in lower Manhattan, New York City. The property is 94.0% leased, compared to 100.0% at securitization. The largest tenants include Wachovia Bank, N.A. (Moody's senior unsecured rating Aa2 - stable outlook; 43.0% NRA; lease expiration December 2014), AON Corporation (Moody's senior unsecured rating Baa2 - stable outlook; 15.1% NRA; lease expiration October 2018) and the Legal Aid Society (10.6% NRA; lease expiration October 2023). The decline in occupancy is due to lease expirations which occurred in 2004 and early 2005. The loan is on the master servicer's watchlist due to a decline in debt service coverage. The property's financial performance has been impacted by a significant increase in operating expenses, especially real estate taxes. Moody's LTV is 78.0%, compared to 72.8% at securitization.

The third largest conduit loan is the Richards Building Loan ($31.9 million - 3.9%), which is secured by a leasehold mortgage on a 126,000 square foot biotechnology office building located in Cambridge, Massachusetts. The property is currently 94.0% occupied, the same as at securitization. The largest tenants are Alkermes (51.5% NRA; lease expiration April 2012) and Genzyme (35.8% NRA; lease expiration February 2006). The Cambridge market has declined since securitization and it is anticipated that the property's income will decline with the re-leasing of the space currently occupied by Genzyme. The loan is on the master servicer's watchlist due to a significant near-term lease expiration. Moody's LTV is 95.0%, compared to 86.9% at securitization.

The pool's collateral is a mix of office and mixed use (35.3%), retail (20.1%), industrial and self storage (19.1%), multifamily (11.9%), residential cooperative (10.3%), U.S. Government securities (2.4%) and lodging (0.9%). The collateral properties are located in 37 states and Washington, D.C. The highest state concentrations are New York (22.7%), California (14.6%), Washington, D.C. (7.7%), Texas (6.3%) and Massachusetts (4.7%). 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.
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