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08 May 2006
MOODY'S UPGRADES ONE CLASS OF MORGAN STANLEY CAPITAL I INC., SERIES 2003-IQ4
Approximately $632.4 Million of Structured Securities Affected
New York, May 08, 2006 -- Moody's Investors Service upgraded the rating of one class and affirmed
the ratings of 17 classes of Morgan Stanley Capital I Inc.,
Commercial Pass-Through Certificates, Series 2003-IQ4
-Class A-1, $75,837,175,
Fixed, affirmed at Aaa
-Class A-2, $449,730,000,
Fixed, affirmed at Aaa
-Class X-1, Notional, affirmed at Aaa
-Class X-2, Notional, affirmed at Aaa
-Class B, $18,194,000, Fixed,
upgraded to Aaa from Aa2
-Class C, $23,652,000, Fixed,
affirmed at A2
-Class D, $4,549,000, Fixed,
affirmed at A3
-Class E, $7,278,000, Fixed,
affirmed at Baa1
-Class F, $7,277,000, WAC Cap,
affirmed at Baa2
-Class G, $8,188,000, WAC Cap,
affirmed at Baa3
-Class H, $8,187,000, WAC Cap,
affirmed at Ba1
-Class J, $3,639,000, WAC Cap,
affirmed at Ba2
-Class K, $1,819,000, WAC Cap,
affirmed at Ba3
-Class L, $5,459,000, WAC Cap,
affirmed at B1
-Class M, $1,819,000, WAC Cap,
affirmed at B2
-Class N, $1,819,000, WAC Cap,
affirmed at B3
-Class MM-A, $10,000,000,
Fixed, affirmed at Ba1
-Class MM-B, $5,000,000,
Fixed, affirmed at Ba2
As of the April 17, 2006 distribution date, the transaction's
aggregate principal balance has decreased by approximately 13.9%
to $639.7 million from $742.8 million at securitization.
The Certificates are collateralized by 102 loans, ranging in size
from less than 1.0% to 11.2% of the pool,
with the top ten loans representing 49.3% of the pool.
The pool includes three shadow rated investment grade loans, which
represent 25.8% of the pool. The 55 East Monroe Loan,
which represented 8.0% of the original pool balance and
was shadow rated Aa2, prepaid in December 2005.
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. Twelve loans, representing 8.3%
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 99.1% and 36.4%
of the performing loans, respectively. Moody's weighted
average loan to value ratio ("LTV") for the conduit component
is 80.4%, compared to 81.3% at securitization.
The upgrade of Class B is due to stable overall pool performance and increased
The largest shadow rated loan is the Mall at Millenia Loan ($70.0
million -- 11.1%), which represents a participation
interest in the senior component of a $195.0 million mortgage
loan. The loan is secured by a 1.1 million square foot regional
mall located in Orlando, Florida. The mall is anchored by
Bloomingdale's, Macy's and Neiman Marcus and includes
518,000 square feet of in-line space. The in-line
occupancy is 97.2%, compared to 95.3%
at securitization. The loan sponsors are The Forbes Company and
Taubman Realty Group. Moody's current shadow rating of the
senior component is Baa2, compared to Baa3 at securitization.
The property is also encumbered by a $15.0 million non-pooled
junior loan that serves as security for non-pooled Classes MM-A
and MM-B. These Classes are rated Ba1 and Ba2 respectively,
the same as at securitization.
The second largest shadow rated loan is the Federal Center Loan ($67.5
million -- 10.8%), which represents a participation
interest in a $135.0 million mortgage loan. It is
secured by a 722,000 square foot office building complex located
in Washington, D.C. that includes two adjacent Class
B office buildings and a 912-space underground parking garage.
The office buildings are 99.6% leased, essentially
the same as at securitization. The General Services Agency is the
largest tenant, occupying approximately 693,000 square feet
under two leases expiring in August 2009 (301,000 square feet) and
January 2013 (392,000 square feet). The loan sponsor is The
Donahue Companies. Moody's current shadow rating is Baa3,
the same as at securitization.
The third largest shadow rated loan is the Oakbrook Center Loan ($23.7
million -- 3.8%), which represents a participation
interest in a $227.4 million mortgage loan. The loan
is secured by a mixed-use property located in Oak Brook,
Illinois that consists of an open-air regional mall, three
office buildings and a ground lease to a hotel and a theater. Oakbrook
Center totals approximately 2.4 million square feet. The
mall is anchored by Lord & Taylor, Marshall Field's,
Neiman Marcus, Bloomingdale's Home, Nordstrom,
and Sears. The mall's in-line occupancy is 93.4%,
compared to 94.5% at securitization and the office building's
occupancy is 76.6%, compared to 75.5%
at securitization. The loan sponsors are CalPERS and the Rouse
Company. Moody's current shadow rating is A1, compared
to A3 at securitization.
The top three conduit loans represent 15.1% of the pool.
The largest conduit loan is the Katy Mills Loan ($55.0 million
-- 8.8%), which represents a participation interest
in a $148.0 million mortgage loan. The loan is secured
by a 1.2 million square foot regional mall located in Katy,
Texas in the Houston MSA. The mall is anchored by Bass Pro Shops,
Burlington Coat Factory, AMC Theaters, Bed, Bath &
Beyond, and Marshall's. The property is 89.7%
occupied compared to 92.8% at securitization. The
sponsors are The Mills Corporation and KanAm. The property's
performance has been impacted by a decline in rental income. Moody's
LTV is 91.1%, compared to 81.0% at securitization.
The second largest conduit loan is the Swedesford Plaza Loan ($20.6
million -- 3.3%), which is secured by a 152,000
square foot retail center located in Tredyffrin, Pennsylvania,
in the Philadelphia MSA. The center is anchored by Circuit City
and Super Fresh. The center's occupancy is 98.8%
compared to 100.0% at securitization. Moody's
LTV is 88.1%, compared to 92.5% at securitization.
The third largest conduit loan is the Encino Place Loan ($18.8
million -- 3.0%), which is secured by an 84,000
square foot mixed use retail and office property located in Encino,
California. The property's performance has been impacted
by increased vacancy and expenses. Moody's LTV is in excess
of 100.0%, compared to 97.8% at securitization.
The pool's collateral is a mix of retail (49.7%),
office and mixed-use (26.2%), multifamily (13.9%),
industrial and self storage (9.6%) and lodging (0.6%).
The properties are located in 31 states plus Washington, D.C.
and The Commonwealth of Puerto Rico. The highest state concentrations
are Florida (21.1%), Texas (12.8%),
Washington, D.C. (10.8%), California
(10.4%) and Ohio (6.7%). All of the
loans are fixed rate.
Structured Finance Group
Moody's Investors Service
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
No Related Data.
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