Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
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
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
Class J, $17,500,000, Floating, affirmed
Class K, $11,000,000, Floating, affirmed
Class L, $15,610,000, Floating, confirmed
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%
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.
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
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.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY'S CREDIT RATINGS,
ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.
MOODY'S CREDIT RATINGS,
ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.
Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.