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Rating Action:

MOODY'S UPGRADES TWO CLASSES OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., SERIES 2003-C4

15 Jun 2006
MOODY'S UPGRADES TWO CLASSES OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., SERIES 2003-C4

Approximately $1.27 Billion of Structured Securities Affected

New York, June 15, 2006 -- Moody's Investors Service upgraded the ratings of two classes and affirmed the ratings of 17 classes of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2003-C4 as follows:

-Class A-1, $29,342,306, Fixed, affirmed at Aaa

-Class A-1A, $314,295,666, WAC Cap, affirmed at Aaa

-Class A-2, $118,226,000, Fixed, affirmed at Aaa

-Class A-3, $89,652,000, Fixed, affirmed at Aaa

-Class A-4, $508,497,000, WAC Cap, affirmed at Aaa

-Class A-X, Notional, affirmed at Aaa

-Class A-SP, Notional, affirmed at Aaa

-Class B, $36,765,000, WAC Cap, upgraded to Aa1 from Aa2

-Class C, $16,711,000, WAC Cap, upgraded to Aa2 from Aa3

-Class D, $33,422,000, WAC Cap, affirmed at A2

-Class E, $16,711,000, WAC Cap, affirmed at A3

-Class F, $21,724,000, WAC, affirmed at Baa1

-Class G, $15,040,000, WAC, affirmed at Baa2

-Class H, $16,711,000, WAC, affirmed at Baa3

-Class J, $15,040,000, WAC Cap, affirmed at Ba1

-Class K, $8,355,000, WAC Cap, affirmed at Ba2

-Class L, $6,685,000, WAC Cap, affirmed at Ba3

-Class O, $1,671,000, WAC Cap, affirmed at B3

-Class MM, $2,353,848, Fixed, affirmed at Baa2

As of the May 17, 2006 distribution date, the transaction's aggregate balance has decreased by approximately 3.8% to $1.29 billion from $1.34 billion at securitization. The Certificates are collateralized by 170 mortgage loans ranging from less than 1.0% to 5.9% of the pool, with the top 10 loans representing 36.0% of the pool. The pool includes a shadow rated component, representing 13.1% of the pool. Nine loans, representing approximately 6.3% of the pool, have defeased and are collateralized by U.S. Government securities.

One loan has been liquidated from the trust, resulting in a realized loss of approximately $1.2 million. Currently there are no loans in special servicing. Thirty loans, representing 11.7% of the pool, are on the master servicer's watchlist.

Moody's was provided with year-end 2005 operating results for 96.4% of the pool. Moody's weighted average conduit loan-to-value ratio ("LTV") is 86.9%, compared to 90.1% at securitization. The upgrade of Classes B and C is primarily due to stable overall pool performance and increased credit support.

The shadow rated component consists of three loans. The first shadow rated loan is the Circle Center Mall Loan ($76.4 million - 5.9%), which is secured by an 800,000 square foot regional mall located in downtown Indianapolis, Indiana. The mall is anchored by Nordstrom and Parisian. The in-line space is 82.2% occupied, compared to 93.1% at securitization. The loan has amortized by approximately 4.0% since securitization, which has offset the decline in revenues due to lower occupancy. The loan sponsor is Simon Property Group (Moody's senior unsecured rating Baa1; positive outlook). Moody's current shadow rating is A2, the same as at securitization.

The second shadow rated loan is the Mayfair Mall Loan ($44.7 million - 3.5%), which represents a pari-passu interest in a senior note secured by a 1.3 million square foot mixed-use property that consists of a regional mall (859,000 square feet) and an office building (420,000 square feet). The property is located approximately seven miles northwest of Milwaukee in Wauwatosa, Wisconsin and is anchored by Marshall Field's and the Boston Store. The property's performance has been stable since securitization. The in-line retail space and the office building are 95.0% and 86.0% occupied respectively, essentially the same as at securitization. The loan sponsor is General Growth Properties (Moody's senior unsecured shelf rating (P)Ba2; stable outlook). The current balance of the senior note is $169.5 million. The property is also encumbered by an $18.8 million B Note. A portion of the B Note, $2.4 million, is included in the trust and is the security for non-pooled Class MM. Moody's current shadow ratings of the senior loan and B Note are A3 and Baa2 respectively, the same as at securitization.

The third shadow rated loan is the 540 Madison Avenue Loan ($45.0 million - 3.5%), which is secured by the fee interest in a 281,000 square foot office building located in the Plaza District office submarket of New York City. The property is 100.0% occupied, compared to 96.0% at securitization. The property is subject to a ground lease (expiration December 2037) and ground lease payments are set at 1.1 times the debt service on the loan. The loan is interest only for the first five years of the 10-year term. Moody's current shadow rating is Baa1, the same as at securitization.

The three largest conduit loans represent 14.4% of the outstanding pool balance. The largest conduit loan is the Wanamaker Building Loan ($63.3 million - 4.9%), which is secured by a 974,000 square foot office building located in downtown Philadelphia, Pennsylvania. The building was originally built in 1904 as a department store and was converted to office use in the 1990s. The largest tenants are Children's Hospital of Philadelphia (12.3% NRA; lease expiration May 2013) and GSA-Army Corps of Engineers (11.8% NRA; lease expiration November 2012). The property is 80.0% occupied, compared to 96.0% at securitization. The decline in occupancy is due to American Business Financial Services, Inc., the property's largest tenant at securitization (24.0% NRA), filing for bankruptcy protection and vacating the building in 2005. The loan sponsor is IPC US Income REIT, a Canadian REIT that invests in U.S. real estate. Moody's LTV is 80.1%, compared to 77.1% at securitization.

The second largest conduit loan is the Jefferson Point Shopping Center Loan ($62.0 million - 4.8%), which is secured by a 543,000 square foot retail center located in Fort Wayne, Indiana. The center is shadow anchored by a Von Maur Department Store. The property is 94.0% occupied, compared to 84.0% at securitization. Major tenants include Raven Motion Pictures (5.6% GLA; lease expiration November 2021) and Bed Bath & Beyond (14.6% GLA; lease expiration January 2012). Moody's LTV is 91.5%, compared to 98.2% at securitization.

The third largest conduit loan is the Mira Mesa Market Center Loan ($60.7 million - 4.7%), which consists of two cross collateralized loans secured by two adjacent retail centers totaling 464,000 square feet. The centers are anchored by Home Depot (28.0% GLA; lease expiration January 2021) and Edwards Cinema (20.3% GLA; lease expiration June 2020). The two properties are 100.0% occupied, compared to 98.4% at securitization. Moody's LTV is 86.3%, compared to 88.7% at securitization.

The pool's collateral is a mix of retail (37.3%), office and mixed use (22.2%), multifamily (20.1%), industrial and self storage (12.1%), U.S. Government securities (6.3%) and lodging (2.0%). The collateral properties are located in 33 states. The highest state concentrations are California (18.0%), Indiana (12.0%), Texas (9.2%), Florida (6.5%) and Pennsylvania (5.3%). All of the loans are fixed rate.

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

New York
Sandra Ruffin
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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.

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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 $5,000,000. 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 JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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