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Rating Action:

Moody's Affirms 12 and Downgrades 8 Classes of LB-UBS 2004-C8

07 May 2009

Approximately $1.23 Billion of Structured Securities Affected

New York, May 07, 2009 -- Moody's Investors Service ("Moody's") affirmed the ratings of 12 classes and downgraded 8 classes of LB-UBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2004-C8. The downgrades are due to higher expected losses for the pool resulting from higher leverage, increased credit quality dispersion, anticipated losses from loans in special servicing and concerns about five year loans approaching maturity. The action is the result of Moody's on-going surveillance of commercial mortgage backed securities ("CMBS") transactions.

As of the April 17, 2009 distribution date, the transaction's aggregate certificate balance has decreased by approximately 5% to $1.25 billion from $1.31 billion at securitization. The Certificates are collateralized by 91 mortgage loans ranging in size from less than 1% to 9% of the pool, with the top 10 loans representing 54% of the pool. The pool includes three loans, representing 16% of the pool, with investment grade underlying ratings. Four loans, representing 19% of the pool, have defeased and are collateralized with U.S. Government securities.

Twenty-six loans, representing 26% of the pool, are on the master servicer's watchlist. The watchlist includes loans which meet certain portfolio review guidelines established as part of the Commercial Mortgage Securities Association's monthly reporting package. Moody's is concerned about several of these loans, including the Lembi Portfolio Loan ($113.9 million -- 9.1%), which is the pool's second largest loan. The loan is secured by a portfolio of multifamily properties located in San Francisco.

One loan has been liquidated from the trust with minimal loss. There are two loans, representing 6% of the pool, currently in special servicing. One of the specially serviced loans (Houston Apartments - $40.0 million, 3.2%) is secured by a 1,151 unit multifamily property located in Houston, Texas and is real estate owned ("REO"). The other specially serviced loan (Hunt Retail Portfolio - $33.3 million, 2.7%) is secured by a portfolio of 11 retail properties and is 60 days delinquent. Moody's estimates an aggregate $24.7 million loss for the specially serviced loans.

Moody's was provided with full-year 2007 and 2008 operating results for 90% and 42% of the pool, respectively. Moody's loan to value ("LTV") ratio for the conduit component, excluding the specially serviced loans, is 109% compared to 99% at Moody's prior full review in March 2007. In addition to the overall increase in leverage, the pool has experienced increased LTV dispersion. Based on Moody's analysis, 54% of the pool has an LTV in excess of 100% compared to 33% at last review and 27% has an LTV in excess of 120%, compared to nothing at last review.

Thirty seven loans representing 16% of the pool mature within the next 12 months. Six of these loans, representing 8% of the pool, have a debt service coverage ratio less than 1.0x based on Moody's stressed 9.25% rate.

The largest loan with an underlying rating is The Grace Building Loan ($114.4 million - 9.1%), which is secured by a 1.5 million square foot Class A office building located in New York City. The loan represents a 33.3% pari-passu interest in a $343.2 million loan. There is also a subordinate B Note of $29.3 million held outside the trust. Currently 13% of the premises is available for lease. Property performance has declined due to increased vacancy and operating expenses. The loan sponsor is Brookfield Properties. Moody's current underlying rating is Baa1 compared to A2 at last review.

The second largest loan with an underlying rating is the 757 Third Avenue Loan ($67.7 million - 5.4%), which is secured by a 456,000 square foot office building located in New York City. There is also a subordinate B Note of $60.0 million held outside the trust. The property was 94% leased as of February 2009 compared to 97% at last review. Property performance has declined due to increased operating expenses. Moody's current underlying rating is A2 compared to Aa3 at last review.

The third largest loan with an underlying rating is the Westfield Shoppingtown Meriden Loan ($18.2 million - 1.5%) which is a subordinate B Note secured by the borrower's interest in a 913,625 square foot mall located in Meriden, Connecticut. The center is anchored by Macy's, J.C. Penney and Sears. The in-line stores were 80% occupied as of January 2009, essentially the same as at last review. The property's net operating income ("NOI") has declined 15% since securitization. Moody's current underlying rating is Baa3 compared to A3 at last review.

The three largest conduit loans represent 20.8% of the pool. The largest conduit loan is the Lembi Portfolio Loan ($113.9 million -- 9.1%), which is secured by 29 multifamily properties containing 795 apartments and 27 ground floor retail units. The properties are all located in San Francisco, California. The portfolio was 96% occupied as of December 2008 compared to 99% at last review. The loan matures in November 2009 and is full recourse to the sponsor, which is an affiliate of the Lembi Group, a private family-owned real estate firm. In December 2008 and January 2009, an affiliate of the company deeded a total of 51 properties to the United Bank of Switzerland. In addition, several lenders have initiated foreclosure proceedings on another 31 properties. None of these 82 properties are part of the security for the loan in this trust. The loan is on the master servicer's watchlist and is 30 days delinquent. Moody's analysis of this loan incorporates a stressed cash flow due to concerns about the loan's sponsor. Moody's LTV is 129% compared to 99% at last review.

The second largest conduit loan is the U-Store-It Portfolio I Loan ($84.4 million - 6.7%), which is secured by 25 self storage facilities totaling 1.7 million square feet. The properties are located in Illinois, Indiana, Ohio and Wisconsin. The portfolio was 81% occupied as of December 2008 compared to 74% at last review. Moody's LTV is 100% compared to 99% at last review.

The third largest conduit loan is the 1601 Market Street Loan ($61.5 million - 4.9%), which is secured by a 681,000 square foot office building located in downtown Philadelphia, Pennsylvania. The property was 89% occupied as of February 2009 compared to 82% at last review. The largest tenants are KPMG Peat Marwick (18% of the NRA; lease expiration June 2012) and Radian Guaranty (16% of the NRA; lease expiration August 2017). Financial performance has been impacted by a decline in rental revenue and expense reimbursements. Moody's LTV is 110% compared to 100% at last review.

Moody's rating action is as follows:

-Class A-2, $377,915,110, affirmed at Aaa; previously affirmed at Aaa on 3/30/07

-Class A-3, $44,000,000, affirmed at Aaa; previously affirmed at Aaa on 3/30/07

-Class A-4, $150,000,000, affirmed at Aaa; previously affirmed at Aaa on 3/30/07

-Class A-5, $36,000,000, affirmed at Aaa; previously affirmed at Aaa on 3/30/07

-Class A-6, $383,027,000, affirmed at Aaa; previously affirmed at Aaa on 3/30/07

-Class A-J, $85,232,000, affirmed at Aaa; previously affirmed at Aaa on 3/30/07

-Class X-CL, Notional, affirmed at Aaa; previously affirmed at Aaa on 3/30/07

-Class X-CP, Notional, affirmed at Aaa; previously affirmed at Aaa on 3/30/07

-Class B, $19,669,000, affirmed at Aaa; previously upgraded to Aaa from Aa1 on 3/30/07

-Class C, $19,669,000, affirmed at Aa2; previously affirmed at Aa2 on 3/30/07

-Class D, $14,752,000, affirmed at Aa3; previously affirmed at Aa3 on 3/30/07

-Class E, $14,752,000, affirmed at A1; previously affirmed at A1 on 3/30/07

-Class F, $16,391,000, downgraded to A3 from A2; previously affirmed at A2 on 3/30/07

-Class G, $11,473,000, downgraded to Baa1 from A3; previously affirmed at A3 on 3/30/07

-Class H, $13,113,000, WAC, downgraded to Baa3 from Baa1; previously affirmed at Baa1 on 3/30/07

-Class J, $9,838,000, downgraded to Ba2 from Baa2; previously affirmed at Baa2 on 3/30/07

-Class K, $16,391,000, downgraded to B1 from Baa3; previously affirmed at Baa3 on 3/30/07

-Class L, $6,556,000, downgraded to B2 from Ba1; previously affirmed at Ba1 on 3/30/07

-Class M, $4,918,000, downgraded to B3 from Ba2; previously affirmed at Ba2 on 3/30/07

-Class N, $4,917,000, downgraded to Caa1 from Ba3; previously affirmed at Ba3 on 3/30/07

Moody's monitors transactions on both a monthly basis through two sets of quantitative tools: MOST® (Moody's Surveillance Trends) and CMM on Trepp, and a periodic basis through a full review. Moody's prior full review is summarized in a press release March 30, 2007.

The principal methodology used in rating and monitoring this transaction is "CMBS: Moody's Approach to Rating Fusion Transactions" dated April 19, 2005, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

New York
Sandra Ruffin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms 12 and Downgrades 8 Classes of LB-UBS 2004-C8
No Related Data.
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