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Rating Action:

MOODY'S UPGRADES FIVE CLASSES OF LB-UBS COMMERCIAL MORTGAGE TRUST 2003-C3

20 Apr 2006
MOODY'S UPGRADES FIVE CLASSES OF LB-UBS COMMERCIAL MORTGAGE TRUST 2003-C3

Approximately $1.28 Billion of Structured Securities Affected

New York, April 20, 2006 -- Moody's Investors Service upgraded the ratings of five classes and affirmed the ratings of 22 classes of LB-UBS Commercial Mortgage Trust 2002-C3, Commercial Mortgage Pass-Through Certificates, Series 2003-C3 as follows:

-Class A-1, $110,338,092, Fixed, affirmed at Aaa

-Class A-2, $275,000,000, Fixed, affirmed at Aaa

-Class A-3, $150,000,000, Fixed, affirmed at Aaa

-Class A-4, $550,837,000, Fixed, affirmed at Aaa

-Class X-CL, Notional, affirmed at Aaa

-Class X-CP, Notional, affirmed at Aaa

-Class X-WC, Notional, affirmed at Aaa

-Class X-MM1, Notional, affirmed at Aaa

-Class B, $20,044,000, WAC Cap, upgraded to Aaa from Aa1

-Class C, $20,044,000, WAC Cap, upgraded to Aaa from Aa2

-Class D, $13,363,000, WAC Cap, upgraded to Aa2 from Aa3

-Class E, $13,363,000, WAC Cap, upgraded to Aa3 from A1

-Class F, $23,384,000, WAC Cap, upgraded to A1 from A2

-Class G, $10,023,000, WAC Cap, affirmed at A3

-Class H, $20,044,000, WAC Cap, affirmed at Baa1

-Class J, $10,022,000, WAC Cap, affirmed at Baa2

-Class K, $13,363,000, WAC Cap, affirmed at Baa3

-Class L, $11,692,000, WAC Cap, affirmed at Ba1

-Class M, $6,681,000, WAC Cap, affirmed at Ba2

-Class N, $6,682,000, WAC Cap, affirmed at Ba3

-Class P, $1,670,000, WAC Cap, affirmed at B1

-Class Q, $8,352,000, WAC Cap, affirmed at B2

-Class S, $3,341,000, WAC Cap, affirmed at B3

-Class MM-1, $6,800,000, Fixed, affirmed at Baa1

-Class MM-2, $5,300,000, Fixed, affirmed at Baa2

-Class MM-3, $4,567,108, Fixed, affirmed at Baa3

-Class X-MM2, Notional, affirmed at Aaa

As of the April 17, 2006 distribution date, the transaction's aggregate principal balance has decreased by approximately 3.7% to $1.30 billion from $1.35 billion at securitization. The Certificates are collateralized by 110 loans, ranging in size from less than 1.0% to 11.1% of the pool, with the top ten loans representing 60.9% of the pool. The pool includes four shadow rated investment grade loans, which represent 37.4% of the pool. Ten loans, representing 10.2% of the pool, have defeased and are collateralized by U.S. Government securities.

The pool has not experienced any losses to date. One loan, representing less than 1.0% of the pool, is in special servicing. Moody's is not projecting a loss from this specially serviced loan at this time. Sixteen loans, representing 7.9% of the pool, are on the master servicer's watchlist.

Moody's was provided with year-end 2004 and partial or full year 2005 operating results for 98.7% and 93.3% of the performing loans, respectively. Moody's weighted average loan to value ratio ("LTV") for the conduit component is 87.7%, compared to 89.9% at securitization. The upgrade of Classes B, C, D, E and F is due to stable overall pool performance, a relatively high percentage of defeased loans and increased credit support.

The largest shadow rated loan is the Westfield Shoppingtown West County Loan ($143.0 million - 11.1%), which represents the A Note of a $162.8 million mortgage loan. The loan is secured by a 1.3 million square foot regional mall located in Des Peres, Missouri in the St. Louis MSA. The mall is anchored by J.C. Penney, Nordstrom, Lord & Taylor and Famous-Barr. The property is 97.8% leased, essentially the same as at securitization. The loan sponsor is Westfield America Inc. The property is also encumbered by a $19.8 million B Note that is held outside the trust. Moody's current shadow rating of the A Note is A1, the same as at securitization.

The second largest shadow rated loan is the Polaris Fashion Place Loan ($118.8 million - 9.2%), which represents the A Note of a $143.7 million mortgage loan. The loan is secured by a 1.6 million square foot regional mall located in Columbus, Ohio. The mall is anchored by Kaufmann's, Sears, Macys, J.C. Penney, Saks Fifth Avenue, Van Maur and The Great Indoors. The property is 98.9% leased, essentially the same as at securitization. The loan sponsor is Glimcher Realty Trust (Moody's senior unsecured shelf rating (P)Ba2; stable outlook). The property is also encumbered by a $24.8 million B Note that is held outside the trust. Moody's current shadow rating of the A Note is A2, compared to A3 at securitization.

The third largest shadow rated loan is the Monroeville Mall Loan ($112.4 million - 8.7%), which represents the A Note of a $129.0 million mortgage loan. The loan is secured by a 1.3 million square foot regional mall located in Monroeville, Pennsylvania, in the Pittsburgh MSA. The mall is anchored by Kaufmann's, Macys and J.C. Penney. The overall occupancy is 99.0%, compared to 95.7% at securitization. The loan sponsor is CBL & Associates Properties, Inc. The property is also encumbered by a $16.7 million B Note that is held within the trust and serves as security for non-pooled Classes MM-1, MM-2, MM-3 and X-MM2. Moody's current shadow rating of the A Note is A3, the same as at securitization.

The fourth largest shadow rated loan is the Pembroke Lakes Mall Loan ($107.0 million - 8.3%), which represents the A Note of a $137.6 million mortgage loan. The loan is secured by a 1.1 million square foot regional mall located in Pembroke Pines, Florida in the Fort Lauderdale MSA. The mall is anchored by Macys, J.C. Penney, Dilliard's, Sears and Dillard's Men. The property is 100.0% occupied, compared to 98.1% at securitization. Performance has improved since securitization due to higher rental income and stable expenses. The loan sponsor is General Growth Properties, Inc. (Moody's senior unsecured shelf rating (P)Ba2; stable outlook). The property is also encumbered by a $30.6 million B Note that is held outside the trust. Moody's current shadow rating is Aa1, compared to Aa2 at securitization.

The top three conduit exposures represent 17.8% of the pool. The largest conduit exposure is the Washington Harbour Loan ($125.0 million - 9.7%), which is secured by a 537,000 square foot office complex located in the Georgetown submarket of Washington, D.C. The property is 97.4% occupied, compared to 99.0% at securitization. The loan has a five-year term and is interest-only. Moody's LTV is 84.6%, essentially the same as at securitization.

The second largest conduit exposure is the Lembi Portfolio ($55.3 million - 4.3%), which is comprised of seven cross-collateralized/cross defaulted loans secured by 25 multifamily properties totaling 511 units. All of the properties are located in the City of San Francisco, California. The portfolio's overall occupancy is 93.6%, compared to 96.3% at securitization. Two loans are on the master servicer's watchlist due to low debt service coverage. The portfolio's performance has been impacted by the decline in occupancy and increased expenses. Moody's LTV is 98.2%, compared to 93.4% at securitization.

The third largest conduit exposure is the Broadcasting Square Loan ($48.3 million - 3.8%), which is secured by a 468,000 square foot retail shopping center located in the Reading, Pennsylvania area. The center is anchored by Weis Markets, Dick's Sporting Goods, Marshall's and Babies"R"'Us, in addition to being shadow anchored by Target. Moody's LTV is 88.3%, compared to 91.3% at securitization.

The pool's collateral is a mix of retail (58.4%), office (16.2%), multifamily (11.9%), U.S. Government securities (10.1%), industrial and self storage (2.7%) and lodging (0.7%). The properties are located in 25 states plus Washington, D.C. The highest state concentrations are Pennsylvania (15.6%), California (12.8%), Florida (12.5%), Missouri (12.4%) and Ohio (11.0%). 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.
© 2021 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.

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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.

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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 JPY125,000 to approximately JPY550,000,000.

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

​
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