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04 Aug 2004
MOODY'S UPGRADES TWO CLASSES AND DOWNGRADES THREE CLASSES OF J.P. MORGAN COMMERCIAL MORTGAGE FINANCE CORP., SERIES 2000-C10
Approximately $667.0 Million of Structured Securities Affected
New York, August 04, 2004 -- Moody's Investors Service upgraded the ratings of two classes,
downgraded the ratings of three classes and affirmed the ratings of nine
classes of J.P. Morgan Commercial Mortgage Finance Corp.,
Commercial Mortgage Pass-Through Certificates, Series 2000-C10
-Class A-1, $36,881,179,
Fixed, affirmed at Aaa
-Class A-2, $471,331,000,
Fixed, affirmed at Aaa
-Class X, Notional, affirmed at Aaa
-Class B, $31,388,000, Fixed,
upgraded to Aa1 from Aa2
-Class C, $29,541,000, Fixed,
upgraded to A1 from A2
-Class D, $9,232,000, Fixed,
affirmed at A3
-Class E, $23,079,000, Fixed,
affirmed at Baa2
-Class F, $10,155,000, Fixed,
affirmed at Baa3
-Class G, $14,771,000, Fixed,
affirmed at Ba1
-Class H, $14,771,000, Fixed,
affirmed at Ba2
-Class J, $7,385,000, Fixed,
affirmed at Ba3
-Class K, $5,539,000, Fixed,
downgraded to B2 from B1
-Class L, $7,386,000, Fixed,
downgraded to B3 from B2
-Class M, $5,539,000, Fixed,
downgraded to Caa1 from B3
As of the July 15, 2004 distribution date, the transaction's
aggregate balance has decreased by approximately 8.3% to
$679.0 million from $740.1 million at securitization.
The Certificates are collateralized by 161 mortgage loans secured by commercial
and multifamily properties. The loans range in size from less than
1.0% of the pool to 7.0% of the pool,
with the top 10 loan exposures representing 30.0% of the
pool. Six loans representing 1.0% of the pool have
defeased and are secured by U.S. Government securities.
Five loans have been liquidated from the pool, resulting in aggregate
realized losses of approximately $3.0 million.
Six loans representing 3.3% of the pool are in special servicing.
Moody's has estimated aggregate losses of approximately $6.4
million for all the specially serviced loans.
Moody's was provided with full-year 2003 operating results
for approximately 94.7% of the performing loans in the pool.
Moody's loan to value ratio ("LTV") is 86.7%,
compared to 85.8% at securitization. The upgrade
of Classes B and C is due to stable pool performance and increased credit
support. The downgrade of Classes K, L and M is due to realized
losses, anticipated losses on the specially serviced loans and LTV
dispersion. Based on Moody's analysis 9.1%
of the pool has a LTV greater than 100.0%, compared
to 0.6% at securitization.
The top three exposures represent 13.2% of the outstanding
pool balance. The largest exposure is the Abbey Portfolio Loan
($47.7 million - 7.0%) which consists
of two cross-collateralized and cross-defaulted mortgage
loan pools secured by 12 properties totaling 946,000 square feet.
The portfolio consists of a mix of retail (six), industrial (three),
office (two) and mixed use (one) properties, all of which are located
in southern California. The portfolio's occupancy has declined
significantly since securitization, primarily due to the early lease
termination in 2002 of a 205,000 square foot tenant. As of
December 31, 2003 the portfolio's overall occupancy was 62.7%,
compared to 91.5% at securitization. Moody's
LTV is 95.1%, compared to 82.2% at securitization.
The second largest loan is the Atlantic Development II Loan ($21.3
million - 3.1%), which is secured by two industrial
properties totaling 273,000 square feet. The properties are
located in Warren, New Jersey and are 100.0% leased,
the same as at securitization. Moody's LTV is 73.6%,
compared to 87.9% at securitization.
The third largest loan is the Covina Hills Mobile Home County Club Loan
($20.8 million - 3.1%) which is secured
by a 500-pad mobile home park located in La Puente, California.
The property is 100.0% occupied, the same as at securitization.
Moody's LTV is 79.1%, compared to 86.2%
The pool's collateral is a mix of multifamily (30.8%),
retail (27.6%), office (17.8%),
industrial and self storage (12.1%), hotel (7.3%),
healthcare (2.1%), CTL (1.3%) and U.S.
Government securities (1.0%). The collateral properties
are located in 33 states. The highest state concentrations are
California (25.3%), Texas (8.4%),
New Jersey (6.2%), Illinois (5.7%),
and Florida (4.7%). All of the loans are fixed rate.
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.
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