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Rating Action:

Moody's Affirms 15 and Downgrades 5 Classes of LB-UBS 2004-C2

16 Jul 2009

Approximately $905.2 Million of Structured Securities Affected

New York, July 16, 2009 -- Moody's Investors Service ("Moody's") affirmed the ratings of 15 classes and downgraded five classes of LB-UBS Commercial Mortgage Trust 2004-C2, Commercial Mortgage Pass-Through Certificates, Series 2004-C2. The downgrades are due to higher expected losses for the pool resulting from increased leverage and anticipated losses from loans in special servicing. The rating action is the result of Moody's on-going surveillance of commercial mortgage backed securities ("CMBS") transactions.

As of the June 17, 2009 distribution date, the transaction's aggregate certificate balance has decreased by approximately 26% to $919.1 million from $1.2 billion at securitization. The Certificates are collateralized by 74 loans ranging in size from less than 1% to 16% of the pool, with the top 10 loans representing 67% of the pool. Four loans, representing 39% of the pool, have investment grade underlying ratings. Six loans, representing 4% of the pool, have defeased and are collateralized with U.S. Government securities.

Nineteen loans, representing 17% 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. As part of our ongoing monitoring of a transaction, Moody's reviews the watchlist to assess which loans have material issues that could impact performance.

There have been no losses since securitization. There are four loans, representing 7% of the pool, currently in special servicing. The largest specially serviced loan is the Inland Center Loan ($52.7 million -- 5.7%), which is secured by the in-line portion of a 1.0 million square foot regional mall located in San Bernardino, California. The property's performance since securitization has been negatively impacted by significant turnover among its anchor tenants. The loan was transferred to special servicing in February 2009 due to a maturity default. The borrower was granted a 24-month extension that included providing additional collateral and payment of all servicer fees and costs. Of the three remaining specially serviced loans, two are performing maturity defaults while the fourth loan is 90+ days delinquent. Moody's is not estimating a loss for Inland Center but estimates an aggregate $6.4 million loss for the three remaining loans (43% loss severity on average).

Moody's was provided with full-year 2007 and 2008 operating results for 98% and 80%, respectively, of the pool, excluding defeased loans. Moody's weighted average loan to value ("LTV") ratio for the conduit component, excluding the specially serviced loans, is 95% compared to 93% at Moody's last review. Moody's stressed debt service coverage ratio ("DSCR") is 1.1X, the same as at last review. Moody's stressed DSCR is based on Moody's net cash flow ("NCF") and a 9.25% stressed rate applied to the loan balance.

Moody's uses a variation of the Herfindahl index ("Herf") to measure diversity of loan size, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple-notch downgrades under adverse circumstances, unless addressed by extra credit enhancement. The credit neutral Herf score is 40. The pool, excluding defeased loans and loans with underlying ratings, has a Herf of 18 compared to 23 at last review.

The largest loan with an underlying rating is the GIC Office Portfolio Loan ($149.3 million - 16.2%), which is a pari passu interest in a $696.5 million first mortgage loan. The loan is secured by 12 office properties totaling 6.4 million square feet and located in seven states. The highest geographic concentrations are Chicago (39% of NRA), suburban Philadelphia (17%), and San Francisco (12%). As of December 2008, the portfolio was 92% occupied, essentially the same as at last review. The Chicago concentration is comprised of two buildings -- the AT&T Corporate Center (1.5 million square feet; 24%) and the USG Building (928,000 square feet; 14%). The performance of these properties has declined significantly since the last review and the lease of the portfolio's largest tenant, AT&T (10%), expired on March 31, 2009. According to the most recent available information, it appears that AT&T vacated their premises. The portfolio's performance has declined since last review due to decreased rental revenues and increased expenses. The loan sponsor is Prime Plus Investments, Inc., a private REIT wholly owned by the Government of Singapore Investment Corporation (Realty) Pte Ltd. The loan matures in January 2014. Moody's current underlying rating is Baa2, compared to A1 at the last review of this loan. Moody's stressed DSCR is 1.44X compared to 1.73X at last review.

The second largest loan with an underlying rating is the Somerset Collection Loan ($125.5 million -- 13.7%), which is a 50% pari passu interest in a $251.0 million first mortgage loan. The loan is secured by the borrower's interest in a 1.4 million square foot regional mall located in Troy, Michigan. The center is the dominant mall in its trade area and is anchored by Macy's, Nordstrom, Saks Fifth Avenue and Neiman Marcus. As of December 2008, the property was 99% occupied, essentially the same as at last review. The property is also encumbered by a B-Note which is held outside the trust. The loan is interest only for its entire 10-year term. Property performance has been stable, but Moody's analysis incorporates a stressed cash flow and higher cap rate to reflect our concerns about the depressed Michigan economy and weak national retail environment, particularly for higher end retailers. Moody's current underlying rating is Baa2, compared to A1 at the last review of this loan. Moody's stressed DSCR is 1.36X compared to 1.44X at last review.

The third largest loan with an underlying rating is the Farmers Market Loan ($41.3 million -- 4.5%), which is secured by a 228,339 square foot mixed-use property (retail & office) built in 1940 and renovated in 2002. As of December 2008, the property was 98% occupied, essentially the same as at last review. The largest tenants include The Ant Farm, LLC (13% NRA; lease expiration November 2014) and The Children's Place (9% NRA; lease expiration December 2017). Performance has improved due to increased base rents. Moody's current underlying rating is A1 compared to A2 at last review. Moody's stressed DSCR is 1.65X compared to 1.55X at last review.

The fourth largest loan with an underlying rating is the Ruppert Yorkville Towers Loan ($41.3 million -- 4.5%), which is secured by the borrower's interest in a high-rise 825 unit multifamily complex located on the Upper East Side of Manhattan. The complex was completed in 1975 and converted to a condominium structure in 2003. The collateral for the loan includes 432 unsold residential units, unsold storage units and 53,810 square feet of commercial space. The unsold units are either vacant, occupied by market rate tenants or occupied by pre-conversion tenants at below market rental rates. The majority of tenants pay rents that are significantly below market. However, rents have increased since securitization as tenants renew or as units are converted to market rates. Net operating income has improved by approximately 70% since securitization. Moody's current underlying rating is Aaa, the same as at last review. Moody's stressed DSCR is 1.47X compared to 1.34X at last review.

The three largest performing conduit loans represent 16.5% of the pool. The largest conduit loan is the Maritime Plaza I and II Loan ($73.7 million -- 8.0%), which is secured by two office buildings totaling 345,736 square feet. Built in 2001 and renovated in 2003, the properties are situated at the intersection of M Street and 12th Street in Washington, DC. As of March 2009, the properties were 100% occupied compared to 89% at last review. The largest tenant is Computer Sciences Corporation (Moody's senior unsecured rating Baa1, stable outlook; 37% of NRA, leases expire in 2013 and 2014). Financial performance has improved since the last review due to increased occupancy. Moody's LTV is 85% compared to 98% at the last review. Moody's stressed DSCR is 1.14X compared to 0.99X at last review.

The second largest conduit loan is the 280 Metro Center Loan ($44.3 million -- 4.8%), which is secured by the borrower's interest in a 351,816 square foot (213,787 square feet of collateral) anchored retail center located ten miles south of San Francisco in Colma, California. The property was 99% occupied as of December 2008 compared to 100% at last review. The property is anchored by Marshalls, Nordstrom Rack and Bed Bath & Beyond. Net cash flow has increased due to increased base rent. Moody's LTV is 89% compared to 95% at last review. Moody's stressed DSCR is 1.10X compared to 0.97X at last review.

The third largest conduit loan is the Torrance Town Center Loan ($33.9 million -- 3.7%), which is secured by the borrower's interest in a 259,476 square foot anchored retail center located in Torrance, California. The center is anchored by Kohl's and Smart & Final. Circuit City was the third anchor prior to its liquidation in the first quarter of 2009. The property was 100% occupied as of January 2009. After adjusting for the loss of Circuit City, occupancy drops to 87%. Moody's LTV is 88% compared to 82% at last review. Moody's stressed DSCR is 1.14X compared to 1.16X at last review.

Moody's rating action is as follows:

-Class A-2, $51,477,792, affirmed at Aaa; previously affirmed at Aaa on 3/13/2007

-Class A-3, $144,000,000, affirmed at Aaa; previously affirmed at Aaa on 3/13/2007

-Class A-4, $558,483,000, affirmed at Aaa; previously affirmed at Aaa on 3/13/2007

-Class X-CL, Notional, affirmed at Aaa; previously affirmed at Aaa on 3/13/2007

-Class X-CP, Notional, affirmed at Aaa; previously affirmed at Aaa on 3/13/2007

-Class B, $15,433,000, affirmed at Aaa; previously upgraded to Aaa from Aa1 on 3/13/2007

-Class C, $13,889,000, affirmed at Aa1; previously upgraded to Aa1 from Aa2 on 3/13/2007

-Class D, $12,346,000, affirmed at Aa2; previously upgraded to Aa2 from Aa3 on 3/13/2007

-Class E, $16,976,000, affirmed at A1; previously affirmed at A1 on 3/13/2007

-Class F, $13,890,000, affirmed at A2; previously affirmed at A2 on 3/13/2007

-Class G, $21,605,000, affirmed at A3; previously affirmed at A3 on 3/13/2007

-Class H, $12,347,000, affirmed at Baa1; previously affirmed at Baa1 on 3/13/2007

-Class J, $10,802,000, affirmed at Baa2; previously affirmed at Baa2 on 3/13/2007

-Class K, $12,347,000, affirmed at Baa3; previously affirmed at Baa3 on 3/13/2007

-Class L, $4,629,000, affirmed at Ba1; previously affirmed at Ba1 on 3/13/2007

-Class M, $4,630,000, downgraded to B1 from Ba2; previously affirmed at Ba2 on 3/13/2007

-Class N, $3,087,000, downgraded to B2 from Ba3; previously affirmed at Ba3 on 3/13/2007

-Class P, $3,086,000, downgraded to B3 from B1; previously affirmed at B1 on 3/13/2007

-Class Q, $3,087,000, downgraded to Caa1 from B2; previously affirmed at B2 on 3/13/2007

-Class S, $3,086,000, downgraded to Caa3 from B3; previously affirmed at B3 on 3/13/2007

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 March 13, 2007.

Due to the pool's low Herf score, two principal methodologies were used in rating and monitoring this transaction: "CMBS: Moody's Approach to Rating U.S. Fusion Transactions" dated April 19, 2005 and "CMBS: Moody's Approach to Rating Large Loan/Single Borrower Transactions" dated July 7, 2000. These methodologies 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 15 and Downgrades 5 Classes of LB-UBS 2004-C2
No Related Data.
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