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Rating Action:

MOODY'S UPGRADES SIX CLASSES AND DOWNGRADES FOUR CLASSES OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., SERIES 2003-TFL2

08 Aug 2005
MOODY'S UPGRADES SIX CLASSES AND DOWNGRADES FOUR CLASSES OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., SERIES 2003-TFL2

Approximately $628.2 Million of Structured Securities Affected

New York, August 08, 2005 -- Moody's Investors Service upgraded the ratings of six classes, downgraded the ratings of four classes and confirmed or affirmed the ratings of eight classes of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2003-TFL2 as follows:

Class A-1, $161,072,043, Floating, affirmed at Aaa

Class A-2, $169,500,000, Floating, affirmed at Aaa

Class A-X, Notional, affirmed at Aaa

Class A-YWS, Notional, affirmed at Aaa

Class B, $35,000,000, Floating, upgraded to Aaa from Aa1

Class C, $31,000,000, Floating, upgraded to Aaa from Aa2

Class D, $20,000,000, Floating, upgraded to Aa1 from Aa3

Class E, $20,000,000, Floating, upgraded to Aa3 from A1

Class F, $17,500,000, Floating, upgraded to A1 from A2

Class G, $17,500,000. Floating, upgraded to A2 from A3

Class H, $15,500,000, Floating, affirmed at Baa1

Class J, $17,500,000, Floating, affirmed at Baa2

Class K, $11,000,000, Floating, affirmed at Baa3

Class L, $15,610,000, Floating, confirmed at Ba1

Class WB-A, $83,698,017, Floating, downgraded to Aa1 from Aaa

Class WB-IO, Notional, downgraded to Aa1 from Aaa

Class WB-B, $6,000,000, Floating, downgraded to Aa3 from Aa1

Class WB-C, $7,360,697, Floating, downgraded to A1 from Aa2

The Certificates are collateralized by one whole mortgage loan and four participation interests. The loans are segregated into two loan groups with four loans pooled in Loan Group I, and one loan, The Shops at Willow Bend Loan, a stand-alone single asset in Loan Group II. The Group I loans range in size from 15.3% to 28.6% of the pool balance based on current principal balances. As of the July 15, 2005 distribution date, the transaction's aggregate certificate balance has decreased by approximately 36.0% to $628.3 million from $981.2 million at closing as a result of the payoff of three loans initially in the pool and a partial pay down of the EAB Plaza Loan. Subsequent to the July 15, 2005 distribution date, the Alliance RT Portfolio Loan ($152.1 million -- 28.6%) paid off. Moody's analysis takes the Alliance RT Portfolio Loan payoff into account.

Moody's placed Classes L, WB-A, WB-IO, WB-B and WB-C on review for possible downgrade on June 2, 2005 due to the poor performance of the Alliance RT Portfolio and The Shops at Willow Bend Loans. Class L is confirmed as the Alliance RT Portfolio Loan has paid off in full. Classes WB-A, WB-IO, WB-B and WB-C are downgraded due to the decline in performance of The Shops at Willow Bend Loan as discussed below. Classes B, C, D, E, F and G are upgraded due to increased credit support and decreased leverage as a result of loan payoffs.

Moody's was provided with first quarter 2005 financial information for all five loans. Property performance has been mixed with four properties performing below expectations and one exceeding expectations. Moody's current weighted loan to value ratio ("LTV") for the Group I loans is 61.9%, compared to 63.0% at securitization. Moody's current LTV for The Shops at Willow Bend Loan is 58.5%, compared to 52.9% at securitization.

The largest Group I loan is a senior participation in the 40 Wall Street Loan ($110.0 million -- 29.0% of Group I balance) which is secured by a first priority mortgage encumbering the leasehold interest in an office building containing approximately 1.0 million square feet located in New York City. The three largest tenants, occupying 47.5% of total net rentable area, are American Express Travel Related Services Company, Inc. (21.1% - lease expiration 2009; parent American Express Company - Moody's senior unsecured rating A1; stable outlook); Continental Casualty Company (18.2% - lease expiration 2014; parent CNA Financial Corporation - Moody's senior unsecured rating Baa3; negative outlook); and Country Wide Insurance Company (8.2% - lease expiration 2011). As of April 2005 the property was 85.3% leased, compared to 87.2% at securitization. Property economics have been impacted by an increase in market vacancy and a decrease in market rents. Vacancy in New York's financial district rose to 12.6% in the 1st. Quarter 2005 from 9.6% at the time of securitization. During the same period Class A office rents have fallen 11.4% from $34.33 per square foot to $30.41 per square foot. Overall in-place rents are in line with market, compared to having been below market at the time of securitization. The loan sponsor is Donald Trump. This floating rate, interest only whole loan matures on September 9, 2005 and has three one-year extension options. The ground lease expires in April 2059 with extension options through the year 2194. The loan has a junior participation in the amount of $30.0 million and there is mezzanine debt in the original amount of $11.0 million. Moody's LTV is 66.6%, compared to 62.3% at securitization. Moody's current shadow rating is Baa3, compared to Baa2 at securitization.

The second largest Group I loan is a senior participation in the 14 Wall Street Loan ($91.0 million - 24.0% of Group I balance) which is secured by a first priority mortgage on an office building containing approximately 953,588 square feet located in New York City. Vacancy in April 2005 rose from 8.2% to 35.1% currently due primarily to the departure of the two largest tenants, Deutsche Bank and Chase Manhattan Bank. The two largest remaining tenants are Skidmore Owings (8.1% - expiration June 2009) and the New York Stock Exchange (6.4% - expiration December 2011). This floating rate, interest only whole loan matures in July 2006 with two one-year extension options. The loan has a junior participation in the amount of $38.5 million and there is mezzanine debt in the original amount of $10.5 million. The property is in contract to be sold for an amount significantly greater than the whole loan balance with a closing expected by the end of the third quarter. Moody's LTV is 61.4%, compared to 59.7% at securitization. Moody's current shadow rating is Baa1, the same as at securitization.

The third largest Group I loan is a senior participation in the EAB Plaza Loan ($96.6 million -- 18.2% of Group I balance) which is secured by first priority mortgage on two connected Class A suburban office buildings containing approximately 1.0 million square feet located in Uniondale, New York (Nassau County). EAB Plaza is considered one of the best office complexes on Long Island and has a history of high occupancy. As of May 2005 the property was 89.5% leased, compared to 97.0% at securitization. The two largest tenants are Citibank N.A. (19.9% - lease expiration December 2010; Moody's senior unsecured rating Aa1; stable outlook) and Washington Mutual Bank (11.9% - lease expiration February 2007; Moody's senior unsecured rating A2). Dreyfus Service Corporation (168,633 square feet), which had been the second largest tenant in the building downsized upon lease expiration in January 2005. The new lease is for 94,679 square feet expiring in 2016. The lease stipulates annual rent increases with first year rent comparable to the rental rate in the original lease. The Central Nassau County office market has experienced falling vacancy rates and rising rents since securitization. The current market vacancy for Class A office properties is 6.4% and the subject's in-place rents are in-line with market. The loans sponsors are Joseph Moinian and C&K Properties. This floating rate, interest only whole loan matures on September 9, 2005 and has three one-year extension options. The loan has a junior participation in the amount of $25.0 million and mezzanine debt in the original amount of $52.0 million. The outstanding trust balance has decreased 8.0% since securitization due to the application of a portion of funds held in escrow as security in reference to property tax litigation between the former property owner and Nassau County. In July 2005 Reckson Associates Realty Corp. announced that it has agreed to buy EAB Plaza for an amount significantly above the current loan balance. Moody's LTV is 60.2%, compared to 62.9% at securitization. Moody's current shadow rating is Baa3, the same as at securitization.

The fourth largest Group I loan is a senior participation in the Chicago Portfolio Loan ($81.5 million -- 21.5% of Group I balance), which is secured by cross-collateralized and cross-defaulted first priority mortgages on three Class B+ Chicago CBD office properties. The properties include One North Dearborn, One North La Salle, and 360 North Michigan Avenue. The portfolio contains a total of approximately 1.6 million square feet. The April 2005 rent rolls indicate portfolio occupancy of 68.5%, compared to 69.8% at securitization. Bank One, the largest tenant at One North Dearborn occupying 12.1% of total portfolio net rentable area, vacated one-half of its space upon lease expiration in May 31, 2005. The remaining space was renewed short-term through December 31, 2005, at which time it will vacate entirely. Portfolio occupancy is 68.5%, compared to 69.8% at securitization. Lease proposals for a portion of the space are at reduced rental rates. Since securitization, market rents in Chicago's central loop submarket have decreased by approximately 14.0% and vacancy has increased from 12.2% to 19.5%. This floating rate, interest only whole loan matured on January 9, 2005 and has two remaining one-year extension options. The loan has a junior participation in the amount of $37.2 million and mezzanine debt in the original amount of $25.0 million. The loan sponsor is Meyer Chetrit. Moody's LTV is 57.8%, compared to 51.6% at securitization. Moody's current shadow rating is Baa1, compared to A2 at securitization.

The sole Group II loan is The Willow Bend Loan ($97.1 million -- 20.4% of trust balance), which is secured by a first priority deed of trust in an anchored regional shopping center located in Plano, Texas. The center was built in 2001 and currently has four anchors - Dillard's (Moody's senior unsecured rating B2; stable outlook), Foley's (parent May Department Stores Company - Moody's senior unsecured rating Baa2; on review for possible downgrade), Neiman Marcus (Moody's senior unsecured rating Baa2; on review for possible downgrade) and Saks Fifth Avenue (Moody's corporate family rating B2; on review for possible upgrade). A fifth anchor, Lord & Taylor, was closed as part of the divestiture of 32 Lord & Taylor stores. Total mall area is 1.5 million square feet of which approximately 543,406 square feet of non-anchor space is collateral for the loan. As of April 2005, the borrower owned space was 74.4% occupied, compared to 70.0% at securitization. Although in-line comparable store sales have shown improvement since securitization, increasing from $225 PSF to $275 PSF, the mall has been slow in stabilizing. Expectations are that leasing will improve once Saks Fifth Avenue is better established in this location (September 2004 opening) and a 6,619 square foot Brooks Brothers store opens. A significant number of tenants receive some form of rent relief. The loan sponsor is The Taubman Realty Group Limited Partnership, which has provided a loan guarantee in the amount of $100.0 million. This floating rate, interest only loan matures in July 2006 and has two one-year extension options or one two-year extension option at the borrower's election. There is additional debt in the form of a mezzanine loan in the original amount of $49.8 million. Moody's LTV is 58.5%, compared to 52.9% at securitization.

New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jay Rosen
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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