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06 Apr 2006
MOODY'S UPGRADES FOUR CLASSES OF SOLAR TRUST, SERIES 2002-1
Approximately $240.8 Million of Structured Securities Affected
New York, April 06, 2006 -- Moody's Investors Service upgraded the ratings of four classes and affirmed
the ratings of seven classes of Solar Trust Commercial Mortgage Pass-Through
Certificates, Series 2002-1 as follows:
-Class A-1, $78,204,297,
Fixed, affirmed at Aaa
-Class A-2, $127,959,000,
Fixed, affirmed at Aaa
-Class IO, Notional, affirmed at Aaa
-Class B, $8,665,000, Fixed,
upgraded to Aaa from Aa2
-Class C, $7,999,000, Fixed,
upgraded to A1 from A2
-Class D, $6,665,000, Fixed,
upgraded to Baa1 from Baa2
-Class E, $2,667,000, Fixed,
upgraded to Baa2 from Baa3
-Class F, $3,999,000, Fixed,
affirmed at Ba2
-Class G, $1,333,000, Fixed,
affirmed at Ba3
-Class H, $2,667,000, Fixed,
affirmed at B2
-Class J, $665,000, Fixed, affirmed
As of the March 13, 2006 distribution date, the transaction's
aggregate principal balance has decreased by approximately 8.2%
to $244.8 million from $266.6 million at securitization.
The Certificates are collateralized by 63 loans, ranging in size
from less than 1.0% to 7.9% of the pool,
with the top ten loans representing 50.8% of the pool.
The pool consists of a shadow rated component, representing 14.9%
of the pool, and a conduit component, representing 85.1%
of the pool. One loan, representing less than 1.0%
of the pool, has defeased and is collateralized with Canadian Government
The pool has not experienced any losses to date and there are no loans
currently in special servicing. Eight loans, representing
4.8% of the pool, are on the master servicer's
Moody's was provided with year-end 2004 operating results for 88.7%
of the pool. Borrowers are only required to submit annual financial
statements and thus 2005 operating results are not yet available.
Moody's weighted average loan to value ratio ("LTV")
is 70.9%, compared to 76.7% at securitization.
Moody's is upgrading Classes B, C, D and E due to increased
credit support and improved overall pool performance.
The shadow rated component consists of two loans. The largest shadow
rated loan is the Hotel Novotel Loan ($19.4 million -
7.9%), which is secured by a 262-room full
service hotel located in downtown Toronto, Ontario. Performance
has been stable since securitization. The loan has amortized by
approximately 7.4%. Moody's current shadow
rating is A2, compared to A3 at securitization.
The second shadow rated loan is the Chateaugay Centre Loan ($17.2
million - 7.0%), which is secured by a 211,000
square foot enclosed retail center located Chateaugay, Quebec,
a submarket of Montreal. The center is anchored by Super
C and Hart. Performance has improved due to higher income and stable
expenses. Moody's current shadow rating is Baa1, compared
to Baa3 at securitization.
The top three conduit loans represent 18.2% of the pool.
The largest loan is the Langley Gate Shopping Centre Loan ($16.3
million - 6.7%), which is secured by a 152,000
square foot retail shopping center located in the Langley suburb of Vancouver,
British Columbia. The center is 100.0% occupied,
compared to 97.0% at securitization. The loan amortizes
on a 25-year schedule. Moody's LTV is 71.9%,
compared to 76.6% at securitization.
The second largest conduit loan is the La Porte de Gatineau Loan ($14.1
million - 5.8%), which is secured by a 155,000
square foot retail center located in Gatineau, Quebec, in
close proximity to Ottawa. The property is 93.5%
occupied, compared to 92.0% at securitization.
The loan amortizes on a 25-year schedule. Moody's
LTV is 83.8%, compared to 91.5% at securitization.
The third largest conduit loan is the Parkland Mall Loan ($14.1
million -- 5.8%), which is secured by a 268,000
square foot enclosed retail center located in Yorkton, Saskatchewan.
The center is anchored by Zellers, The Bay and IGA and is 97.3%
leased, compared to 96.0% at securitization.
Hudson's Bay Company, which operates Zeller's and the
Bay, was acquired by Maple Leaf Heritage Investments Acquisition
Corporation in March 2006. The loan amortizes on a 25-year
schedule. Moody's LTV is 80.9%, compared
to 85.6% at securitization.
The pool's collateral is a mix of retail (46.7%),
office and mixed use (28.3%), industrial and self
storage (10.1%), lodging (7.9%),
multifamily and manufactured housing (4.6%), specialized
uses (2.0%), and Canadian Government obligations (0.4%).
The collateral properties are located in 9 provinces. The highest
province concentrations are Ontario (42.9%), Quebec
(20.1%), Alberta (10.3%), British
Columbia (8.7%) and Saskatchewan (6.5%).
All of the loans are fixed rate. Thirty-five loans,
representing 61.2% of the pool, are 100.0%
recourse to the guarantors.
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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