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Rating Action:

MOODY'S UPGRADES FOUR CLASSES OF ASSET SECURITIZATION CORPORATION, SERIES 1996-D3

03 Jan 2005
MOODY'S UPGRADES FOUR CLASSES OF ASSET SECURITIZATION CORPORATION, SERIES 1996-D3

Approximately $441.1 Million of Structured Securities Affected

New York, January 03, 2005 -- Moody's Investors Service upgraded the ratings of four classes and affirmed the ratings of three classes of Asset Securitization Corporation, Commercial Mortgage Pass-Through Certificates, Series 1996-D3 as follows:

-Class A-1C, $292,360,714, Fixed, affirmed at Aaa

-Class A-1D, $19,564,674, Fixed, affirmed at Aaa

-Class A-CS2, Notional, affirmed at Aaa

-Class A-2, $39,129,349, WAC, upgraded to Aaa from Aa1

-Class A-3, $35,216,414, WAC, upgraded to Aaa from A1

-Class A-4, $39,129,349, WAC, upgraded to A1 from Baa2

-Class A-5, $15,651,739, WAC, upgraded to A3 from Baa3

As of the December 15, 2004 distribution date, the transaction's aggregate balance has decreased by approximately 33.8% to $518.2 million from $782.6 million at securitization. The Certificates are collateralized by 91 mortgage loans secured by commercial and multifamily properties. The mortgage loans range in size from less than 1.0% to 12.2% of the pool with the top 10 loans representing 51.0% of the pool. Fifteen loans representing 25.7% of the pool have defeased and have been replaced with U.S. Government securities. The defeased loans include five of the pool's top 10 loans, including Anchorage Shopping Center ($25.6 million - 4.9%); Lee Park ($21.7 million - 4.2%), Atlanta Decorative Arts Center ($19.8 million - 3.8%), Lake Arrowhead Village ($18.6 million - 3.6%), and 1010 Northern Boulevard ($18.3 million - 3.5%). Eight loans have been liquidated from the pool resulting in aggregate realized losses of approximately $17.1 million.

Seven loans, representing 5.7% of the pool, are in special servicing including the Days Inn - Merchandise Mart Loan ($15.2 million - 2.9%), which is the tenth largest loan in the pool. Moody's has estimated aggregate losses of approximately $7.0 million for all of the specially serviced loans.

Moody's was provided with year-end 2003 borrower financials for 91.0% of the pool's performing loans excluding the defeased loans. Moody's loan to value ratio ("LTV") is 74.3%, compared to 74.2% at Moody's last full review in April 2001 and 65.2% at securitization. The upgrade of Classes A-2, A-3, A-4, and A-5 is due to increased subordination levels and the pool's high percentage of defeased loans. The pool has experienced increased LTV dispersion since securitization. Based on Moody's analysis, 10.9% of the pool has a LTV greater than 100.0%, compared to 7.7% at last review and 0.0% at securitization.

The top three loans represent 25.0% of the pool. The largest loan is the Hyatt Riverwalk - San Antonio Loan ($63.1 million - 12.2%), which is secured by a 632-room full service hotel located in San Antonio, Texas. Moody's LTV is 69.6%, compared to 64.4% at last review and 73.0% at securitization.

The second largest loan is the Mariner's Village loan ($43.2 million - 8.3%), which is secured by a 981-unit multifamily property located in Marina del Rey, California. Moody's LTV is 63.7%, compared to 56.9% at last review and 74.0% at securitization.

The third largest loan is the Malibu Canyon Office Park Loan ($23.4 million - 4.5%), which is secured by a 320,000 square foot office building located in Calabasas, California. Moody's LTV is 64.3%, compared to 68.9% at last review and 71.0% at securitization.

The pool collateral is a mix of hotel (29.2%), multifamily (26.3%), U.S. Government securities (25.7%), retail (11.3%), office (5.5%), healthcare (1.5%) and industrial (0.5%). The collateral properties are located in 22 states. The top five state concentrations are California (28.1%), Texas (27.0%), Michigan (5.6%), Georgia (5.3%) and Maryland (4.9%). 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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