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Rating Action:

MOODY'S UPGRADES SIXTEEN CLASSES of iSTAR ASSET RECEIVABLES (STARs) TRUST, SERIES 2003-1

17 Feb 2005
MOODY'S UPGRADES SIXTEEN CLASSES of iSTAR ASSET RECEIVABLES (STARs) TRUST, SERIES 2003-1

Approximately $538.5 Million of Structured Securities Affected

New York, February 17, 2005 -- Moody's Investors Service upgraded the ratings of 16 classes and affirmed the ratings of two classes of iStar Asset Receivables (STARs) Trust, Collateralized Mortgage Bonds, Series 2003-1 as follows:

-Class A1, $109,801,181, Floating, affirmed at Aaa

-Class A2, $225,226,752, Floating, affirmed at Aaa

-Class B, $16,743,689, Floating, upgraded to Aaa from Aa1

-Class C, $18,417,876, Floating, upgraded to Aaa from Aa2

-Class D, $11,720,219, Floating, upgraded to Aa1 from Aa3

-Class E, $13,395,314, Floating, upgraded to Aa2 from A1

-Class F, $13,395,314, Floating, upgraded to Aa3 from A2

-Class G, $11,720,219, Floating, upgraded to A1 from A3

-Class H, $11,721,126, Fixed, upgraded to A2 from Baa1

-Class J, $13,394,407, Fixed, upgraded to A3 from Baa2

-Class K, $23,441,346, Fixed, upgraded to Baa1 from Baa3

-Class L, $16,743,689, Fixed, upgraded to Baa3 from Ba1

-Class M, $13,395,314, Fixed, upgraded to Ba1 from Ba2

-Class N, 11,720,219, Fixed, upgraded to Ba2 from Ba3

-Class O, $5,536,000, WAC, upgraded to Ba3 from B1

-Class P, $7,381,000, WAC, upgraded to B1 from B2

-Class Q, $7,381,000, WAC, upgraded to B2 from B3

-Class S, $7,381,000, WAC, upgraded to Caa1 from Caa2

The Certificates are collateralized by 20 loans, consisting of ten whole mortgage loans, seven senior participation interests, two mezzanine interests secured by borrowers' equity interests, and one unsecured corporate loan. The loans range in size from 1.6% to 25.3% of the pool based on current principal balances. The pool is concentrated with the top three loan exposures representing 57.2% of the outstanding pool balance.

As of the January 28, 2005 distribution date, the transaction's aggregate certificate balance has decreased by approximately 24.5% to $557.0 million from $738.1 million at closing as a result of the payoff of five loans originally in the pool and loan amortization. There are no loans in special servicing and there have been no losses since securitization.

Moody's was provided with operating results for the nine-month period ending September 2004 for all of the collateral properties. Moody's weighted average loan to value ratio ("LTV") is 76.5%, compared to 82.4 % at securitization. This stable performance and the increased subordination from amortization and loan payoffs has resulted in the upgrade of Classes B, C, D, E, F, G, H, J, K, L, M, N, O, P, Q and S.

The largest loan is the Headquarters/Mission Critical Facilities Portfolio Loan ($140.7 million - 25.3%), which is secured by first priority liens and security interests in eight cross-collateralized and cross-defaulted loans on eight individual properties - three office buildings, three industrial/R&D buildings, and two office/R&D buildings located in seven states. The properties are single tenant facilities and include Sybase, Inc. (19.5%), Cendant Corporation (10.2%; Moody's senior unsecured rating Baa1), Amazon.com, Inc. (35.0%; Moody's senior unsecured rating B2), Giesecke & Devrient GMBH (6.4%), Accenture, LTD (3.0%), General Electric Company (8.9%; Moody's senior unsecured rating Aaa), Waste Management, Inc. (5.0%; Moody's senior unsecured rating Baa3), and American Specialty Retailing Group, Inc. (12.0%). Lease expirations range from September 2007 to March 2023. Two of the loans have letters of credit serving as additional collateral - Sybase ($18.0 million) and Amazon.com ($6.5 million). The loans amortize over 20-year schedules. The loan sponsor is iStar Financial Affiliates. Moody's LTV is 76.0%, compared to 79.7% at securitization.

The second largest loan is the Northrop Grumman Loan ($103.3 million - 18.5%), which is secured by a first priority mortgage on a Class A office facility containing approximately 574,558 square feet, located within the Tyson's Corner submarket of McLean, Virginia. The property is 100.0% leased to Northrop Grumman Information Technology, Inc. pursuant to a triple-net lease through December 2016. The lease includes annual rent steps and is fully guaranteed by the tenant's parent company, Northrop Grumman Corporation (Moody's senior unsecured rating Baa2). The loan amortizes on a 20-year schedule. The loan sponsor is iStar Financial Affiliates. Moody's LTV is 85.4%, compared to 91.2% at securitization.

The third largest loan is a senior participation interest in the Meridian Corporate Center Loan ($74.7 million - 13.4%), which is secured by a first priority mortgage loan on an 11-building Class B+ mixed-use office/industrial campus with a total of 1.7 million square feet, located within University Research Park in Charlotte, North Carolina. The Meridian Corporate Center Property was built between 1979 through 1984 as a corporate campus for IBM. The facilities are configured as approximately 67.6% office space, 26.8% flex and 5.6% warehouse. The property is approximately 80.0% leased with approximately 41.0% of the total area leased to IBM (Moody's senior unsecured rating A1) with 92.3% of its leased space expiring in August 2010, and the balance on August 31, 2005. Other significant tenants include Solectron Corporation (23.0%; Moody's senior unsecured rating B1; lease expiration in 2007) and MSL (15.5%; lease expiration May 2006). Solectron does not occupy it space but continues to pay its full contractual rent obligation. The loan sponsor is Blackacre Capital Management, the real estate investment arm of Cerberus Capital Management, LP. Moody's LTV is 78.9%, compared to 79.6% at securitization.

The fourth largest loan is a senior participation interest in the 417 Fifth Avenue Loan ($70.0 million - 12.6%) which is secured by a first priority mortgage on a 380,472 square foot Class B+ office building located in midtown Manhattan. As of December 2004, the property was 85.8% leased, compared to 92.1% at securitization. The increased vacancy is primarily due to the early lease termination of one tenant whose rent was significantly below market rate. The re-leasing of this space will bring total building occupancy to 95.5%. The largest tenant is CIBC (25.0% of NRA; Moody's senior unsecured rating Aa3; lease expiration September 2011). The second and third largest tenants respectively are Turner Broadcasting (9.1%; Moody's backed senior unsecured rating Baa1; lease expiration January 2013) and Shen, Milsom & Wilke, Inc.(8.8%; lease expiration January 2010), a multi-media consulting firm. The loan sponsor is Olympus Real Estate Fund III, L.P. The loan is interest only. Moody's LTV is 81.4%, compared to 80.7% at securitization.

The fifth largest loan is a senior participation interest in the Arnold Palmer Golf Loan ($36.7 million - 6.6%), which is secured by a first priority mortgage on ten (18-hole) golf courses located in six states. The loan sponsor is Olympus Real Estate Fund and Arnold Palmer Golf Management. Moody's LTV is 64.2%, compared to 71.2% at securitization. The decline in LTV is due to both loan amortization and release premiums associated with the release of two of the original 12 golf courses included in the portfolio.

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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