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Rating Action:

MOODY'S UPGRADES THE RATINGS OF TWO CLASSES OF SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., SERIES 2003-CDC1

26 Jan 2005
MOODY'S UPGRADES THE RATINGS OF TWO CLASSES OF SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., SERIES 2003-CDC1

Approximately $116.7 Million of Structured Securities Affected

New York, January 26, 2005 -- Moody's Investors Service upgraded the ratings of two classes and affirmed the ratings of twelve classes of Salomon Brothers Mortgage Securities VII, Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-CDC1 as follows:

-Class A-2, Floating, $92,697,925, affirmed at Aaa

-Class X-1, Notional, affirmed at Aaa

-Class X-2A, Notional, affirmed at Aaa

-Class X-3CDC, Notional, affirmed at Aaa

-Class H-BPH, Floating, $2,700,000, upgraded to A3 from Baa1

-Class K-BPH, Floating, $1,450,000, upgraded to Baa2 from Baa3

-Class H-BST, Floating, $4,450,000, affirmed at Baa1

-Class J-BST, Floating, $3,000,000, affirmed at Baa2

-Class K-BST, Floating, $1,700,000, affirmed at Baa3

-Class J-LHM, Floating, $2,150,000, affirmed at Baa2

-Class K-LHM, Floating, $2,200,000, affirmed at Baa3

-Class H-SPF, Floating, $2,865,523, affirmed at Baa1

-Class K-SPF, Floating, $3,458,389, affirmed at Baa3

-Class X-3CGM-SPF. Notional, affirmed at Aaa

The Certificates are collateralized by six mortgage loans, which range in size from 6.6% to 22.5% of the pool based on current principal balances. As of the January 17, 2005 distribution date, the transaction's aggregate certificate balance has decreased by approximately 50.7% to $217.7 million from $441.1 million at closing, as a result of the payoff of five loans initially in the pool and amortization associated with one loan. Classes A-2 through F are pooled classes while Classes H, J and K depend on the performance of a specific loan for debt service and ultimate repayment.

The performance of the collateral properties has been mixed with five performing in-line with Moody's expectations and one exceeding Moody's expectations. Moody's current weighted average loan to value ratio ("LTV") for the pool is 66.3%, compared to 67.7% at securitization. Classes H-BST, J-BST, K-BST, Classes J-LHM, K-LHM and Classes H-SPF and K-SPF have been affirmed based on the stable performance of the BellSouth Tower Loan, the Layton Hills Mall Loan and the Sunstone Portfolio Loan. Classes H-BPH and K-BPH have been upgraded based on the improved performance of the BP Hotel Portfolio Loan.

The BellSouth Tower Loan comprises 22.5% of the pool and is secured by a 932,782 square foot Class A office building located in the Jacksonville, Florida CBD. The two largest tenants are BellSouth Corporation (45.0% - Moody's senior unsecured rating A2) and CSX Corporation (32.0% - Moody's senior unsecured rating Baa2). Moody's current LTV is 65.6%, compared to 65.1% at securitization.

The Westgate Mall Loan (22.0%) is secured by a regional shopping center located in Amarillo, Texas. Anchors include Dillard's (Moody's senior unsecured rating B2), Mervyn's (parent Target Corporation - Moody's senior unsecured rating A2), Sears (Moody's senior unsecured rating Baa2) and J.C. Penney (Moody's senior unsecured rating Ba2), with Beall's (NR) as a junior anchor. Dillard's and Beall's are part of the collateral. Mervyn's, Sears, and J.C. Penney are not. The collateral includes 268,745 square feet of in-line space with a vacancy of 9.5%, as of October 2004. Vacancy for the all of the collateral is 11.5% and includes a vacant six-screen movie theater, which is being marketed to prospective traditional retailers. In-line comparable store sales were $278 per square foot ("psf") in 2003 and projected sales of $281 psf in 2004, compared to $284 psf at securitization. Moody's LTV is 76.1%, compared to 73.9% at securitization.

The Layton Hills Mall Loan (21.3%) is secured by a regional shopping center located in Layton, Utah, approximately 20 miles south of Salt Lake City. In addition to the enclosed portion of the mall, the property contains a single level convenience center, a movie theater, and 13 out parcels. The mall is anchored by J.C. Penney, Meier & Frank (parent May Department Stores Company - Moody's senior unsecured rating Baa2), and Mervyn's. The convenience center is anchored by a 36,750 square foot Steinmart. As of September 2004, the in-line mall space had a vacancy of 12.6% and the convenience center had a vacancy of 9.1%. In-line comparable store sales were $294 psf in 2003 and are projected to be $310 psf in 2004, compared to $290 psf at securitization. Steinmart reported sales of $67 psf in 2003 and projected sales of $74 psf in 2004, compared to $72 psf at origination. Moody's LTV is 62.9%, compared to 63.4% at securitization.

The 6116 Executive Boulevard Loan (16.1%) is secured by a 207,055 square foot Class A suburban office building located in Bethesda, Maryland. The building is 100.0% leased with the National Institute of Health leasing 86.0% of the total space with lease terms ranging from November 2007 to May 2012. Moody's LTV is 66.8%, compared to 68.0% at securitization.

The Sunstone Portfolio Loan comprises 11.5% of the pool and is secured by two cross-collateralized, cross-defaulted hotel properties -- the Kahler Grand Hotel located in Rochester, Minnesota and the Park City Marriott located in Park City, Utah. There are a total of 899 guestrooms. The Kahler Grand Hotel is connected via a pedestrian skyway and subway to the Mayo Clinic, which is the primary demand generator for this hotel as well as other hotels in the market. The property also contains 60,966 square feet of commercial space, which is leased to various tenants including the Mayo Clinic. Primary demand generators for the Park City Marriott are the ski resorts of Park City, The Canyons, and Deer Valley. The weighted average RevPAR for the two hotels was $48.00 for the twelve-month period ending September 2004, compared to $49.96 at securitization. Moody's LTV is 61.7%, compared to 61.6% at securitization.

The BP Portfolio Loan (6.6%) is secured by two cross-collateralized, cross-defaulted hotels with a total of 324 rooms. The hotels include Embassy Suites - Newark, Delaware and Fairfield Inn - Beltsville, Maryland. The weighted average RevPAR for the two hotels was $79.55 for the eight month period ending August 2004, compared to $72.27 at securitization. Moody's LTV is 54.2%, compared to 57.5% 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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