MOODY'S INVESTORS SERVICE UPGRADES 85 CLASSES OF 44 SECURITIZATIONS; 51 CLASSES PLACED ON REVIEW FOR FURTHER POSSIBLE UPGRADE
Approximately $3.3 Billion of Structured Securities Affected
New York, August 02, 2006 -- Moody's Investors Service is upgrading 85 classes of 44 CMBS securitizations
and placing 51 classes on review for further possible upgrade as follows:
First Union-Lehman Brothers Commercial Mortgage Trust, Series
1997-C1
-Class D, $71,800,000, Fixed,
upgraded to Aaa from Aa1
-Class E, $19,582,000, Fixed,
upgraded to Aaa from Aa2
First Union-Lehman Brothers Commercial Mortgage Trust II,
Series 1997-C2
-Class D, $121,194,000, Fixed,
upgraded to Aa1 from Aa3; on review for possible upgrade
-Class E, $33,052,000, Fixed,
upgraded to Aa3 from A1; on review for possible upgrade
J.P. Morgan Commercial Mortgage Finance Corp.,
Series 1997-C5
-Class D, $56,856,000, Fixed,
upgraded to Aaa from Aa1
-Class E, $15,506,000, Fixed,
upgraded to Aaa from A1
Morgan Stanley Capital I Inc., Series 1997-WF1
-Class E, $11,183,000, Fixed,
upgraded to Aaa from Aa2
Mortgage Capital Funding, Inc., Series 1997-MC1
-Class D, $32,927,083, Fixed,
upgraded to Aaa from A2
-Class E, $13,170,833, Fixed,
upgraded to A2 from Baa2
Artesia Mortgage CMBS, Inc., Series 1998-C1
-Class D, $9,816,000, Net WAC,
upgraded to Aaa from Aa2
-Class E, $3,272,000, Net WAC,
upgraded to Aa2 from A1; on review for possible upgrade
DLJ Commercial Mortgage Corp., Series 1998-CF1
-Class A-3, $50,300,000,
WAC, upgraded to Aaa from Aa1
First Union-Lehman Brothers-Bank of America Commercial Mortgage
Trust, Series 1998-C2
-Class D, $204,483,000, Fixed,
upgraded to Aa2 from A1; on review for possible upgrade
-Class E, $68,161,000, Fixed,
upgraded to A1 from A3; on review for possible upgrade
-Class F, $51,121,000, Fixed,
upgraded to Baa1 from Baa2; on review for possible upgrade
LB Commercial Mortgage Trust, Series 1998-C1
-Class D, $90,710,000, Fixed,
upgraded to Aa1 from Aa3
NationsLink Funding Corporation, Series 1998-1
-Class D, $48,478,526, Fixed,
upgraded to Aa2 from Aa3; on review for possible upgrade
NationsLink Funding Corporation, Series 1998-2
-Class C, $95,165,239, Fixed,
upgraded to Aaa from Aa1
-Class D, $83,269,584, Fixed,
upgraded to Aaa from A2
LB Commercial Mortgage Trust, Series 1998-C4
-Class C, $106,344,000, Fixed,
upgraded to Aaa from Aa1
-Class D, $121,535,000, Fixed,
upgraded to A2 from A3; on review for possible upgrade
Prudential Securities Secured Financing Corp., Series 1998-C1
-Class D, $60,310,000, WAC,
upgraded to Aaa from Aa3
-Class E, $17,232,000, WAC,
upgraded to Aa2 from A1; on review for possible upgrade
Bear Stearns Commercial Mortgage Securities Inc., Series
1999-WF2
-Class C, $43,229,000, WAC,
upgraded to Aa1 from Aa2; on review for possible upgrade
-Class D, $10,807,000, WAC,
upgraded to Aa3 from A1; on review for possible upgrade
COMM 1999-1
-Class D, $62,280,000, Fixed,
upgraded to Aaa from Aa2
-Class E, $81,947,000, Fixed,
upgraded to A2 from A3; on review for possible upgrade
Commercial Mortgage Acceptance Corp., Series 1999-C1
-Class D, $11,007,000, WAC,
upgraded to Aaa from Aa1
DLJ Commercial Mortgage Corp., Series 1999-CG2
-Class A-3, $81,398,000,
Fixed, upgraded to Aaa from Aa1
GMAC Commercial Mortgage Securities, Inc., Series 1999-C3
-Class D, $20,160,000, WAC,
upgraded to Aaa from Aa2
GS Mortgage Securities Corporation II, Series 1999-C1
-Class D, $57,888,000, WAC,
upgraded to Aa2 from A1; on review for possible upgrade
-Class E, $13,359,000, WAC,
upgraded to A3 from Baa1; on review for possible upgrade
Heller Financial Commercial Mortgage Asset Corp., Series
1999 PH-1
-Class D, $53,011,000, WAC,
upgraded to Aaa from Aa2
-Class E, $12,622,000, WAC,
upgraded to Aa2 from Aa3; on review for possible upgrade
NationsLink Funding Corporation, Series 1999-1
-Class C, $61,107,271, Fixed,
upgraded to Aaa from Aa1
-Class D, $67,217,999, Fixed,
upgraded to Aa3 from A2, on review for possible upgrade
-Class E, $33,608,999, Fixed,
upgraded to A2 from A3; on review for possible upgrade
Paine Webber Mortgage Acceptance Corp. V, Series 1999-C1
-Class B, $35,238,000, Fixed,
upgraded to Aaa from Aa1
-Class C, $37,000,000, Fixed,
upgraded to Aa1 from A1; on review for possible upgrade
-Class D, $33,476,000, Fixed,
upgraded to A3 from Baa2; on review for possible upgrade
Prudential Securities Secured Financing Corporation, Series 1999-NRF1
-Class C, $46,447,000, Fixed,
upgraded to Aaa from Aa2
-Class D, $46,447,000, WAC,
upgraded to A1 from A3; on review for possible upgrade
-Class E, $13,935,000, WAC,
upgraded to A3 from Baa1; on review for possible upgrade
Banc of America Commercial Mortgage Inc., Series 2000-2
-Class B, $37,816,366, Fixed,
upgraded to Aaa from Aa1
-Class C, $24,469,413, Fixed,
upgraded to Aaa from Aa3
-Class D, $17,795,938, Fixed,
upgraded to Aa1 from A1; on review for possible upgrade
-Class E, $8,897,968, Fixed,
upgraded to Aa3 from A2, on review for possible upgrade
-Class F, $11,122,461, Fixed,
upgraded to A2 from A3; on review for possible upgrade
-Class G, $17,795,937, WAC,
upgraded to Baa1 from Baa2; on review for possible upgrade
GE Capital Commercial Mortgage Corporation, Series 2000-1
-Class B, $28,293,243, Fixed,
upgraded to Aaa from Aa2
LB-UBS Commercial Mortgage Trust 2000-C3
-Class C, $48,964,000, Fixed,
upgraded to Aa1 from Aa3; on review for possible upgrade
-Class D, $19,585,000, Fixed,
upgraded to Aa3 from A1; on review for possible upgrade
-Class E, $13,057,000, Fixed,
upgraded to A2 from A3; on review for possible upgrade
Morgan Stanley Dean Witter Capital I Trust 2000-LIFE2
-Class B, $22,961,000, Fixed,
upgraded to Aaa from Aa1
PNC Mortgage Acceptance Corp., Series 2000-C2
-Class C, $48,423,000, Fixed,
upgraded to Aa1 from Aa3; on review for possible upgrade
-Class D, $13,452,000, Fixed,
upgraded to Aa3 from A1; on review for possible upgrade
-Class E, $13,451,000, WAC,
upgraded to A1 from A2; on review for possible upgrade
Salomon Brothers Mortgage Securities VII, Inc., Series
2000-C2
-Class B, $33,214,000, Fixed,
upgraded to Aa1 from Aa2; on review for possible upgrade
Banc of America Commercial Mortgage Inc., Series 2001-1
-Class B, $35,576,642, Fixed,
upgraded to Aaa from Aa2
-Class C, $21,345,985, Fixed,
upgraded to Aa3 from A1; on review for possible upgrade
Banc of America Commercial Mortgage Inc., Series 2001-PB1
-Class B, $37,531,329, Fixed,
upgraded to Aaa from Aa2
-Class C, $9,382,832, Fixed,
upgraded to Aa1 from Aa3; on review for possible upgrade
-Class D, $11,728,540, Fixed,
upgraded to Aa2 from A1; on review for possible upgrade
Credit Suisse First Boston Mortgage Securities Corp., Series
2001-CF2
-Class B, $43,796,000, Fixed,
upgraded to Aa1 from Aa2; on review for possible upgrade
Credit Suisse First Boston Mortgage Securities Corp., Series
2001-CK1
-Class C, $45,441,000, Fixed,
upgraded to Aa3 from A1; on review for possible upgrade
Credit Suisse First Boston Mortgage Securities Corp., Series
2001-CK6
-Class C, $14,646,000, Fixed,
upgraded to Aa1 from Aa2; on review for possible upgrade
Credit Suisse First Boston Mortgage Securities Corp., Series
2001-CKN5
-Class B, $37,548,000, Fixed,
upgraded to Aaa from Aa1
-Class C, $18,773,000, Fixed,
upgraded to Aa1 from Aa2; on review for possible upgrade
First Union National Bank-Banc of America N.A. Commercial
Mortgage Trust, Series 2001-C1
-Class B, $52,331,000, Fixed,
upgraded to Aaa from Aa1
GE Capital Commercial Mortgage Corporation, Series 2001-1
-Class C, $49,390,000, Fixed,
upgraded to Aa2 from A1; on review for possible upgrade
-Class D, $15,523,000, Fixed,
upgraded to A1 from A2, on review for possible upgrade
GE Capital Commercial Mortgage Corporation, Series 2001-2
-Class B, $40,115,000, Fixed,
upgraded to Aaa from Aa1
PNC Mortgage Acceptance Corp., Series 2001-C1
-Class C-1, $18,856,000,
Fixed, upgraded to Aa2 from Aa3; on review for possible upgrade
-Class C-2, $12,000,000,
Fixed, upgraded to Aa2 from Aa3; on review for possible upgrade
-Class D, $11,020,000, Fixed,
upgraded to A1 from A2; on review for possible upgrade
Greenwich Capital Commercial Funding Corp., Series 2002-C1
-Class B, $46,515,000, Fixed,
upgraded to Aaa from Aa1
-Class C, $11,629,000, Fixed,
upgraded to Aa1 from Aa2; on review for possible upgrade
Credit Suisse First Boston Mortgage Securities Corp., Series
2003-CK2
-Class B, $32,118,000, Fixed,
upgraded to Aaa from Aa1
-Class C, $12,353,000, Fixed,
upgraded to Aaa from Aa2
-Class D, $29,647,000, Fixed,
upgraded to Aa3 from A1; on review for possible upgrade
-Class E, $12,353,000, Fixed,
upgraded to A1 from A2; on review for possible upgrade
Greenwich Capital Commercial Funding Corp., Series 2003-C2
-Class B, $52,075,000, Fixed,
upgraded to Aa1 from Aa2; on review for possible upgrade
Wachovia Bank Commercial Mortgage Trust, Series 2003-C6
-Class B, $29,774,000, Fixed,
upgraded to Aa1 from Aa2; on review for possible upgrade
-Class C, $13,101,000, Fixed,
upgraded to Aa2 from Aa3; on review for possible upgrade
Wachovia Bank Commercial Mortgage Trust, Series 2004-C10
-Class B, 38,703,000, Fixed, upgraded
to Aa1 from Aa2; on review for possible upgrade
Moody's Investors Service's quantitative ("Q")
tools, including Moody's Commercial Mortgage Metrics (CMM™)
and Moody's Surveillance Trend (MOST™) Scores have enabled
us to conduct a portfolio wide review and identify and upgrade CMBS transactions
with significant changes to their credit profile since their last full
review. Moody's new quantitative approach will supplement
but not replace our conventional approach of detailed transactional analysis.
Significant amortization buildup, pay downs and defeasance have
helped boost the credit profile of the above referenced classes,
resulting in the upgrades.
The affected transactions passed a set of six filters to be qualified
for Q tool based upgrades, which are discussed in detail in "US
CMBS: Q Tool Based Portfolio Review Results in Numerous Upgrades,
August 2, 2006", which is available on moodys.com.
Other transactions may qualify for Q tool based upgrades at a later date
as more full-year 2005 performance data becomes available on the
underlying collateral.
New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Pamela Dent
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653