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Rating Action:

Moody's Affirms 14 and Downgrades Six Classes of JPMC 2003-C1

23 Apr 2009

Approximately $895.2 Million of Structured Securities Affected

New York, April 23, 2009 -- Moody's Investors Service ("Moody's") affirmed the ratings of 14 classes and downgraded six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2003-C1 due to realized and anticipated losses related to specially serviced loans and increased dispersion in loan credit quality. The action is the result of Moody's on-going surveillance of commercial mortgage backed securities ("CMBS") transactions.

As of the March 31, 2009 distribution date, the transaction's aggregate principal balance has decreased by approximately 15% to $928.9 million from $1.09 billion at securitization. The Certificates are collateralized by 95 loans, ranging in size from less than 1% to 16% of the pool, with the top ten loans representing 43% of the pool. The pool includes two loans, representing 21% of the pool, with investment grade underlying ratings. Twenty-four loans, representing 21% of the pool, have defeased and are collateralized by U.S. Government securities.

Eleven loans, representing 11% of the pool, are on the master servicer's watchlist. The master servicer's watchlist includes loans which meet certain portfolio review guidelines established as part of the Commercial Mortgage Securities Association's monthly reporting package. As part of our ongoing monitoring of a transaction, Moody's reviews the watch-list to assess which loans have material issues that could impact performance. Not all loans on the watch-list are delinquent or have significant issues.

One loan has been liquidated from the pool, resulting in a $5 million realized loss. Currently, there is one loan in special servicing, representing 2% of the pool. The loan is secured by a 73,000 square foot retail property located in St. Petersburg, Florida. The loan became real estate owned ("REO") in February 2009. Moody's is estimating an $8 million loss for this specially serviced loan.

Moody's was provided with full and partial year 2008 operating results for 87% of the pool. Moody's weighted average loan to value ("LTV") ratio for the conduit component is 93% compared to 89% at Moody's prior full review in July 2007. In addition to an overall increase in LTV, the pool has experienced greater LTV dispersion since last review. Based on Moody's analysis, 19% of the pool has an LTV greater than 100% compared to 16% at last review.

The largest loan with an underlying rating is the Concord Mills Loan ($148.5 million -- 15.8%), which represents the pooled component of a $168.0 million mortgage loan. The loan is secured by a 1.3 million square foot regional mall located 15 miles north of Charlotte in Concord, North Carolina. Major tenants include Bass Pro Outdoor World, Burlington Coat Factory and TJ Maxx. The in-line shops were 88% occupied as of

December 2008, essentially the same as at last review. Financial performance has been stable since last review. The loan sponsor is the Simon Property Group (Moody's preferred stock rating Baa1, stable outlook). The non-pooled component is held within the trust and is the security for non-pooled Classes CM-1, CM-2 and CM-3. Moody's current underlying rating of the pooled loan is A2, the same as at last review.

The second loan with an underlying rating is the Bishops Gate Loan ($34.5 million -- 3.7%), which is secured by two office buildings totaling 484,000 square feet located in Mt. Laurel, New Jersey. The collateral is 100% leased to PHH Mortgage (formerly Cendant Mortgage), a subsidiary of PHH Corporation (Moody's senior unsecured rating Ba2; negative outlook). The lease to PHH Mortgage is triple net expiring in December 2022. The loan matures in January 2013. Moody's current underlying rating is A3, the same as at last review.

The top three conduit loans represent 11.7% of the pool. The largest conduit loan is the Crossroads Mall Loan ($40.9 million - 4.4%), which is secured by the borrower's interest in a 858,000 square foot regional mall located in Omaha, Nebraska. The mall is anchored by Sears and Target. At last review, Dillard's was the third anchor; however, it closed in September 2008. The in-line shops were 57% occupied as of December 2008, compared to 61% at last review. The mall has been impacted by competition from two other malls located within nine miles of the property. The loan is on the master servicer's watch-list due to low occupancy. Moody's is concerned about the future performance of this property given its low occupancy, the possibility of additional tenants vacating the center and the stressed retail environment. The loan sponsor is Simon Property Group. Moody's LTV is 228% compared to 201% at last review.

The second largest conduit loan is the Crossways/Newington Portfolio ($40.5 million -- 4.4%), which consists of two cross-collateralized loans secured by two industrial/office buildings totaling 812,000 square feet. Both properties are located in Virginia. As of December 2008, the two properties were 93% occupied, compared 89.0% at last review. Moody's LTV is 74% compared to 78% at last review.

The third largest conduit loan is the Somerset Shoppes Loan ($27.5 million -- 3.0%), which is secured by a 187,000 square foot community shopping center located in Boca Raton, Florida. Major tenants include T.J. Maxx, Michaels and Loehmans. The center was 97% occupied as of December 2008. Moody's LTV is 88%, the same as at last review.

Moody's rating action is as follows:

-Class A-1, $114,095,862, affirmed at Aaa; previously affirmed Aaa on 7/31/2008

-Class A-2, $595,147,000, affirmed at Aaa; previously affirmed Aaa on 7/31/2008

-Class X-1, Notional, affirmed at Aaa; previously affirmed Aaa on 7/31/2008

-Class X-2, Notional, affirmed at Aaa; previously affirmed Aaa on 7/31/2008

-Class B, $34,700,000, affirmed at Aaa; previously affirmed Aaa on 7/31/2008

-Class C, $10,676,000, affirmed at Aaa; previously affirmed Aaa on 7/31/2008

-Class D, $32,031,000, affirmed at Aaa; previously upgraded to Aaa from Aa2 on 7/31/2008

-Class E, $14,680,000, affirmed Aa3; previously upgraded to Aa3 from A1 on 7/31/2008

-Class F, $17,350,000, affirmed at A2; previously upgraded to A2 from A3 on 7/31/2008

-Class G, $17,350,000, affirmed at Baa2; previously affirmed at Baa2 on 7/31/2008

-Class H, $12,011,000, affirmed at Baa3; previously affirmed at Baa3 on 7/31/2008

-Class J, $16,015,000, downgraded to Ba3 from Ba1; previously affirmed at Ba1 on 7/31/2008

-Class K, $10,677,000, downgraded to B2 from Ba2; previously affirmed at Ba2 on 7/31/2008

-Class L, $6,673,000, downgraded to Caa2 from Ba3; previously affirmed at Ba3 on 7/31/2008

-Class M, $8,007,000, downgraded to Caa2 from B1; previously affirmed at B1 on 7/31/2008

-Class N, $4,004,000, downgraded to Caa3 from B3; previously downgraded to B3 from B2 on 7/31/2008

-Class P, $1,776,000, downgraded to Caa3 from Caa1; previously downgraded to Caa1 from B3 on 7/31/2008

-Class CM-1, $2,156,331, affirmed at A3; previously upgraded to A3 from Baa1 on 7/31/2008

-Class CM-2, $3,965,729, affirmed at Baa1; previously upgraded to Baa1 from Baa2 on 7/31/2008

-Class CM-3, $3,965,729, affirmed at Baa2; previously upgraded to Baa2 from Baa3 on 7/31/2008

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 dated July 31, 2008.

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 14 and Downgrades Six Classes of JPMC 2003-C1
No Related Data.
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