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Rating Action:

MOODY'S UPGRADES FOUR CLASSES OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, SERIES 2003-C6

07 Aug 2006
MOODY'S UPGRADES FOUR CLASSES OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, SERIES 2003-C6

Approximately $907.3 Million of Structured Securities Affected

New York, August 07, 2006 -- Moody's Investors Service upgraded the rating of four classes and affirmed the ratings of 14 classes of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-C6 as follows:

-Class A-1, $63,007,688, Fixed, affirmed at Aaa

-Class A-2, $215,000,000, Fixed, affirmed at Aaa

-Class A-3, $143,000,000, Fixed, affirmed at Aaa

-Class A-4, $317,373,000, Fixed, affirmed at Aaa

-Class IO, Notional, affirmed at Aaa

-Class B, $29,774,000, Fixed, upgraded to Aaa from Aa1

-Class C, $13,101,000, Fixed, upgraded to Aa1 from Aa2

-Class D, $25,010,000, Fixed, upgraded to A1 from A2

-Class E, $14,292,000, Fixed, upgraded to A2 from A3

-Class F, $17,865,000, Fixed, affirmed at Baa1

-Class G, $13,101,000, Fixed, affirmed at Baa2

-Class H, $13,100,000, Fixed, affirmed at Baa3

-Class J, $14,292,000, Fixed, affirmed at Ba1

-Class K, $9,528,000, Fixed, affirmed at Ba2

-Class L, $4,764,000, Fixed, affirmed at Ba3

-Class M, $4,764,000, Fixed, affirmed at B1

-Class N, $4,764,000, Fixed, affirmed at B2

-Class O, $3,572,000, Fixed, affirmed at B3

As of the July 17, 2006 distribution date, the transaction's aggregate certificate balance has decreased by approximately 3.3% to $921.8 million from $952.7 million at securitization. The Certificates are collateralized by 102 loans secured by commercial and multifamily properties. The loans range in size from less than 0.1% to 11.0% of the pool, with the top loan groups representing 49.2% of the pool. The pool consists of a conduit component, representing 77.8% of the pool, and a shadow rated component, representing 22.2% of the pool. Six loans, representing 18.7% of the pool, have defeased and have been replaced with U.S. Government securities. No loans have been liquidated from the pool and there are no realized losses.

One loan, representing 1.3% of the pool, is in special servicing. Moody's has estimated a loss of approximately $1.0 million for this specially serviced loan. As of the most recent remittance statement, unrated Class P has experienced interest shortfalls of approximately $15,000.

Moody's was provided with year-end 2005 operating results for 82.1% of the performing loans. Moody's weighted average loan to value ratio ("LTV") for the conduit component is 86.4%, compared to 94.9% at securitization. Based on Moody's analysis, 8.6% of the pool has a LTV greater than 100.0%, compared to 10.4% at securitization. Moody's is upgrading Classes B, C, D and E due to increased subordination levels, improved pool performance and a high percentage of defeased loans. Classes B and C were upgraded on August 2, 2006 and placed on review for further possible upgrade based on a Q tool based portfolio review (see "US CMBS: Q Tool Based Portfolio Review Results in Numerous Upgrades," Moody's Special Report, August 2, 2006).

The four shadow rated loans represent 22.2% of the pool. The largest shadow rated loan is the 50 Central Park South Loan ($80.5 million - 8.7%) which represents the leased fee interest in a hotel condominium, the Ritz Carlton Central Park South. The New York City hotel has 270 rooms including 50 suites. The fee is net leased to MPE Hotel 1 (New York) LLC for a 75-year term through October of 2075. The tenant has the right to purchase the hotel at anytime for $87.5 million ($315,884 per key). Currently the lease payment is $3.4 million per year, increasing to $6.5 million per year in 2010 and to $7.0 million per year in 2020. Moody's current shadow rating is Ba1, the same as at securitization.

The second largest shadow rated loan is the Lloyd Center Loan ($67.1 million - 7.3%), which is secured by 1,470,785 square foot retail center located in Portland, Oregon. The center was built in 1960 and renovated in 1991. Current occupancy is 92.6%, compared to 92.9% at securitization. The property is anchored by Meier and Frank (20.2% of GLA; parent Federated Department Stores - Moody's senior unsecured shelf rating (P)Baa1 -- negative outlook), Sears (Moody's long term issuer rating Ba1 - stable outlook) and Nordstrom (Moody's senior unsecured rating Baa1 -- positive outlook). (Sears and Nordstrom own their own pads and are not part of the collateral). Moody's LTV is 69.9%, compared to 69.8% at securitization. Moody's current shadow rating is Baa2, the same as at securitization.

The third largest shadow rated loan is the Village Center at Dulles Loan ($37.0 million - 4.0%), which is secured by a 289,602 square foot retail center located in Dulles, Virginia, a suburb of Washington, D. C. The center was built in 1991. Current occupancy is 99.3%, essentially the same as at securitization. The property is anchored by Shoppers Food Warehouse Corp (16.7% GLA), Gold's Gym (15.4% GLA) and CVS (8.8% GLA). The average rent as of December 2005 was $29.30 per square foot compared to $24.11 per square foot at securitization. Moody's current shadow rating is Baa3, compared to Ba1 at securitization.

The fourth largest shadow rated loan is the Port Authority Building Loan ($19.6 million - 2.1%). This loan is secured by a 304,000 square foot office building located in Jersey City, New Jersey. The building was built in 1970 and renovated in 2000. The property is fully leased to The Port Authority of New York and New Jersey through February 2020 with two 10-year renewal options. Moody's current shadow rating is Aa2, the same as at securitization.

The top three conduit loans represent 8.6% of the pool. The largest conduit loan is the Westview Mall Loan ($36.4 million - 3.9%), which is secured by a 602,526 square foot retail property built located in Catonsville, Maryland, a suburb of Baltimore. The property was built in 1957 and renovated in 2003. Current occupancy is 96.4%, compared to 97% at securitization. The anchor tenants are Value City (31.4% GLA), Lowe's Companies (22.4% GLA; Moody's senior unsecured rating A2 -- on review for possible upgrade) and Sam's Club (21.6% GLA; parent Wal-Mart Stores, Inc. - Moody's senior unsecured rating Aa2 - stable outlook). Overall the performance has improved because of an increase in revenue and loan amortization. Moody's LTV is 84.9%, compared to 97.8% at securitization.

The second largest conduit loan is the Coral Sky Plaza Loan ($24.1 million - 2.6%), which is secured by 232,786 square foot retail center located in Royal Palm Beach, Florida. The center was built between 1999 and 2001. The current occupancy is 100.0%, compared to 98.3% at securitization. The anchor tenants are BJ's Wholesale Club (46.6% GLA), Ross (13.0% GLA) and Bed Bath & Beyond (12.9% GLA). Overall performance has improved because of an increase in revenue and loan amortization. Moody's LTV is 92.0%, compared to in excess of 100.0% at securitization.

The third largest conduit loan is the Shoppes at Union Hill Loan ($19.3 million - 2.1%), which is secured by an 87,732 square foot retail center located in Denville, New Jersey. The property was built in 2003 and is situated 32 miles west of New York City. This property is anchored by The Gap Inc. (11.4% GLA) and Pier 1 Imports (11.4% GLA). Current occupancy is 100.0% compared to 96.7% at securitization. Moody's LTV is 87.6%, compared to 91.7% at securitization.

The pool's collateral is a mix of retail (43.4%), U.S. Government securities (18.7%), office and mixed-use (12.4%), lodging (8.7%), multifamily and MHP (8.3%), industrial and self storage (6.9%), and CTL (1.2%). The properties are located in 25 states and Washington, D.C. The highest state concentrations are New York (11.4%), Florida (11.1%), Oregon (9.7%), California (9.4%), and Virginia (9.3%). 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
Stewart Rubin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2020 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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