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Rating Action:

MOODY'S UPGRADES ONE CLASS OF MORGAN STANLEY CAPITAL I INC., SERIES 2003-IQ5

27 Sep 2005
MOODY'S UPGRADES ONE CLASS OF MORGAN STANLEY CAPITAL I INC., SERIES 2003-IQ5

Approximately $758.4 Million of Structured Securities Affected

New York, September 27, 2005 -- Moody's Investors Service upgraded the ratings of one class and affirmed the ratings of twenty-one classes of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-IQ5 as follows:

-Class A-1, $74,432,583, Fixed, affirmed at Aaa

-Class A-2, $120,000,000, Fixed, affirmed at Aaa

-Class A-3, $60,000,000, Fixed, affirmed at Aaa

-Class A-4, $373,718,000, Fixed, affirmed at Aaa

-Class X-1, Notional, affirmed at Aaa

-Class X-2, Notional, affirmed at Aaa

-Class B, $22,389,000, WAC, upgraded to Aa1 from Aa2

-Class C, $30,178,000, WAC, affirmed at A2

-Class D, $7,788,000, WAC, affirmed at A3

-Class E, $5,840,000, WAC, affirmed at Baa1

-Class F, $6,814,000, WAC, affirmed at Baa2

-Class G, $7,788,000, WAC, affirmed at Baa3

-Class H, $5,841,000, Fixed, affirmed at Ba1

-Class J, $2,921,000, Fixed, affirmed at Ba2

-Class K, $4,867,000, Fixed, affirmed at Ba3

-Class L, $2,920,000, Fixed, affirmed at B1

-Class M, $1,947,000, Fixed, affirmed at B2

-Class N, $974,000, Fixed, affirmed at B3

-Class BNB-A, $5,000,000, Fixed, affirmed at A3

-Class BNB-B, $5,000,000, Fixed, affirmed at Baa1

-Class BNB-C, $10,000,000, Fixed, affirmed at Baa2

-Class BNB-D, $10,000,000, Fixed, affirmed at Baa3

As of the September 15, 2005 distribution date, the transaction's aggregate balance has decreased by approximately 5.3% to $766.2 million from $808.8 million at closing. The Certificates are collateralized by 83 loans ranging in size from less than 1.0% to 8.2% of the pool with the top ten loans representing 47.7% of the pool. The pool consists of six shadow rated loans, representing 34.2% of the pool, and a conduit component, representing 65.8% of the pool.

There have been no realized losses to the pool to date. Only one loan, the Summer Wood Apartments Loan ($25.7 million - 3.5%), is in special servicing. Moody's has estimated a loss of approximately $1.0 million from this specially serviced loan. Five loans, representing 4.2% of the pool, are on the master servicer's watchlist.

Moody's was provided with full-year 2004 operating results for approximately 96.0% of the performing loans. Moody's weighted average loan to value ratio ("LTV") for the conduit component is 83.5%, compared to 86.8% at securitization. Based on Moody's analysis 14.6% of the pool has a LTV greater than 100.0%, compared to 13.2% at securitization. The upgrade of Class B is due to increased credit support and improved overall pool performance.

The largest shadow rated loan is the Two Commerce Square Loan ($60.7 million - 8.2%), which represents a 50.0% participation interest in a $121.8 million first mortgage loan secured by a 40-story, 953,000 square foot Class A office building located in downtown Philadelphia, Pennsylvania. The property is 98.7% leased, essentially the same as at securitization. Approximately 79.0% of the space is leased to New York Central Lines ("NYCL") under leases which expire in June 2008 (39.8%) and 2009 (39.2%). NYCL, which is a joint venture between Norfolk Southern Corporation (Moody's senior unsecured rating Baa1; stable outlook) and CSX Corporation (Moody's senior unsecured rating Baa2; negative outlook), does not occupy any of the leased space and has sublet approximately 85.0% of its premises to 11 subtenants. The loan benefits from a fixed amortization schedule which provides for approximately $23.4 million of amortization through 2008 and a total of $27.4 at maturity in 2013. The loan has amortized 7.5% since securitization. Moody's current shadow rating is Baa2, the same as at securitization.

The second shadow rated loan is the 55 East Monroe Loan ($58.5 million - 7.9%), which represents a 50.0% participation interest in a $117.0 million first mortgage loan secured by a 1.6 million square foot Class A office building located in downtown Chicago, Illinois. The property is 90.0% leased, compared to 96.5% at securitization. Major tenants include Sargent & Lundy (16.1% NRA; lease expiration June 2012) and Seyfarth Shaw (14.4% NRA; lease expiration December 2006). The first three years of the 10-year loan term are interest only. The property is also encumbered by a $30.0 million B note that is held outside the trust. Moody's current shadow rating is Aa2, the same as at securitization.

The third shadow rated loan is the Invesco Funds Corporate Campus Loan ($39.0 million - 5.3%), which is secured by a 264,000 square foot Class A office complex located in Denver, Colorado. The property is 100.0% leased to Invesco Funds Group ("Invesco") under a lease that expires in October 2016. Invesco is a division of AMVESCAP (Moody's senior unsecured rating A3; stable outlook) which is the guarantor of the lease. The first three years of the 10-year loan term are interest only. Moody's current shadow rating is Baa3, the same as at securitization.

The fourth shadow rated loan is the International Plaza Loan ($36.4 million - 4.9%), which represents a 19.8% participation interest in a $184.0 million first mortgage loan. The loan is secured by the borrower's interest in a 1.2 million square foot regional mall located adjacent to the Tampa International Airport in Tampa, Florida. The collateral securing the loan consists of 582,000 square feet of in-line space. The mall is anchored by Dillard's (Moody's senior unsecured rating B2; stable outlook), Nordstrom (Moody's senior unsecured rating Baa1; stable outlook) and Neiman Marcus (Moody's senior unsecured rating B1/B2; on review for possible downgrade). The in-line shops are 89.5% occupied, compared to 96.6% at securitization. The loan is sponsored by Taubman Centers Inc. and Ivanhoe Cambridge. Moody's current shadow rating is Baa3, the same as at securitization.

The fifth shadow rated loan is the Three Times Square Loan ($32.8 million - 4.5%), which represents a 20.6% participation interest in a $159.2 million first mortgage loan secured by a 884,000 square foot Class A office building located in midtown New York City. The property is 98.8% occupied, the same as at securitization. The property is anchored by Reuters Group (Moody's senior unsecured rating A3 -- stable outlook; 73.7% NRA; 13.0% expires November 2011 and 87.0% expires November 2021) and the Bank of Montreal (Moody's senior unsecured rating Aa3 -- stable outlook; 11.8% NRA; lease expiration November 2010). The property is also encumbered by a $94.8 million B note that is held outside the trust. Moody's current shadow rating is Aaa, the same as at securitization.

The sixth shadow rated loan is the 200 Berkeley & Stephen L. Brown Buildings Loan ($25.0 million - 3.4%), which represents a 16.7% participation interest in a $150.0 million first mortgage loan secured by a 1.1 million square foot office complex located in Boston, Massachusetts. The property is 98.4% occupied, compared to 96.4% at securitization. Major tenants include John Hancock Financial Services (Moody's senior unsecured rating A3 -- on review for possible upgrade; 60.1% NRA; 23.7% expires March 2013 and 34.8% expires March 2018) and Evergreen Funds (15.0%; lease expiration September 2006). The property is also encumbered by a $30.0 million B note which serves as the collateral for non-pooled Classes BNB-A, BNB-B, BNB-C and BNB-D. The loan is interest only for its entire five year term. Moody's current shadow rating is A3, the same as at securitization.

The top three conduit loans represent 13.3% of the outstanding pool balance. The largest conduit loan is the Plaza America Office Towers III & IV Loan ($41.5 million - 5.6%), which represents a 50.0% participation interest in a $83.0 million first mortgage loan secured by two Class A office buildings located in Reston, Virginia. The complex totals 473,000 square feet and is 93.0% leased, compared to 94.3% at securitization. Major tenants include Unisys Corporation (Moody's senior unsecured rating Ba3 -- stable outlook; 59.0% NRA; lease expiration July 2018) and NCI Information Systems (16.6% NRA; lease expiration June 2013). Moody's LTV is 90.7%, compared to 107.6% at securitization.

The second largest conduit loan is the GGP Portfolio Loan ($28.5 million - 3.9%), which is secured by two anchored retail centers located in Utah. Gateway Crossing (160,000 square feet) is located approximately 12 miles south of Salt Lake City and is anchored by Ross Dress for Less, T.J. Maxx (parent TJX Companies, Inc. -- Moody's senior unsecured rating A3; stable outlook) and Michaels Stores. University Crossing (206,000 square feet) is located 40 miles south of Salt Lake City and is anchored by Burlington Coat Factory, OfficeMax (Moody's senior unsecured rating Baa2/Ba1; stable outlook), Barnes & Noble and CompUSA. The overall occupancy of the two properties is 98.8%, compared to 97.2% at securitization. The loan sponsor is General Growth Properties, Inc. (Moody's senior unsecured shelf rating (P)Ba2; stable outlook). Moody's LTV is 86.6%, compared to 92.5% at securitization.

The third largest conduit loan is the Quail Spring Marketplace Loan ($28.2 million - 3.8%), which is secured by a 295,700 square foot power center located in Oklahoma City, Oklahoma. The property is 98.5% leased, the same as at securitization. Major tenants include Ultimate Electronics (11.3% GLA; lease expiration July 2016), Office Depot (Moody's senior unsecured rating Baa3 - stable outlook; 10.6% GLA; lease expiration August 2013), Ross Stores (10.2% GLA; expiration January 2009) and The Gap (Moody's senior unsecured rating Baa3 -- positive outlook; 10.1% GLA; lease expiration April 2008). Moody's LTV is 87.3%, compared to 88.3% at securitization.

The pool collateral is a mix of office and mixed use (51.9%), retail (29.5%), multifamily (9.9%), industrial (7.9%) and lodging (0.8%). The collateral properties are located in 27 states and Washington, D.C. The highest state concentrations are Pennsylvania (10.9%), California (9.4%), Illinois (7.9%), Virginia (7.8%) and Florida (7.7%). 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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