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Rating Action:

Moody's Affirms 15 and Downgrades Eight Classes of JPMCC 2003-CIBC7

25 Jun 2009

Approximately $1.3 Billion of Structured Securities Affected

New York, June 25, 2009 -- Moody's Investors Service affirmed the ratings of 15 classes and downgraded eight classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2003-CIBC7. The downgrades are due to higher expected losses for the pool resulting from higher credit quality dispersion and anticipated losses from loans in special servicing. The action is the result of Moody's on-going surveillance of commercial mortgage backed securities ("CMBS") transactions.

As of the June 12, 2009 distribution date, the transaction's aggregate certificate balance has decreased by approximately 14% to $1.3 billion from $1.5 billion at securitization. The Certificates are collateralized by 170 mortgage loans ranging in size from less than 1% to 12% of the pool, with the top 10 loans representing 36% of the pool. The pool includes three loans with investment grade underlying ratings, representing 19% of the pool. Twenty three loans, representing 17% of the pool, have defeased and are secured by U.S. Government securities.

Thirty-two loans, representing 32% 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.

One loan has been liquidated from the pool, resulting in a realized loss of approximately $2.6 million. Eight loans, representing 5% of the pool, are currently in special servicing. Moody's estimates an aggregate loss of approximately $30 million (49% loss severity on average) for the specially serviced loans.

Moody's was provided with year-end 2008 operating results for 93% of the performing loans. Moody's loan to value ("LTV") ratio for the conduit component is 84%, essentially the same as Moody's prior full review in July 2007. Moody's stressed Debt Service Coverage Ratio ("DSCR") for the conduit pool is 1.38X compared to 1.30X 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 the Herfindahl index ("Herf") to measure diversity of loan size. The pool has a Herf of 25 compared to 30 at last review. The credit neutral herf score is 40.

The largest loan with an underlying rating is the Forum Shops Loan ($146.8 million -- 11.6%), which represents a participation interest in a $439.7 million first mortgage loan. The loan is secured by a 637,000 square foot retail center located in Las Vegas, Nevada. The property is also encumbered by an $80.5 million B Note which secures non-pooled Classes FS-1, FS-2, FS-3 and FS-4. The center was 98% occupied as of December 2008, the same as last review. Comparable sales for tenants less than 10,000 square feet were $1,439 per square foot for calendar year 2008, compared to $1,571 per square foot at last review. The loan sponsor is Simon Property Group LP (Moody's unsecured debt rating is A3 -- stable outlook). Moody's stressed DSCR for the participation interest is 1.74X compared to 1.70X at last review. Moody's current underlying ratings for the participation interest and B Note are Aaa and A2, respectively, the same as last review.

The second loan with an underlying rating is the One Post Office Square Loan ($57.1 million -- 4.5%), which represents a participation interest in a $114.2 million first mortgage loan. The loan is secured by a 766,000 square foot Class A office building located in Boston, Massachusetts. The property was 87% occupied as of December 2008, a decrease from 100% at last review. The largest tenants include Putnam Investments (34% NRA; lease expiration March 2019), Sullivan & Worcester (13% NRA; lease expiration December 2011) and Jones Lang LaSalle (7% NRA; lease expiration December 2016). Moody's stressed DSCR is 1.66X compared to 1.70X at last review. Moody's underlying rating is A1 compared to Aa3 at last review.

The third loan with an underlying rating is the Brown Noltemeyer Portfolio Loan ($31.9 million -- 2.5%), which consists of five cross collateralized and cross defaulted loans secured by eight multifamily properties. The properties total 2,087 units and are all located in Louisville, Kentucky. The loan is structured with a 17-year amortization schedule and has amortized by approximately 10% since last review. Moody's stressed DSCR is 1.73X compared to 1.64X at last review. Moody's current underlying rating is Aa2, the same as last review.

The top three non-defeased conduit loans represent 11.4% of the outstanding pool balance. The largest conduit loan is the Hometown America Portfolio III Loan ($59.6 million -- 4.7%), which is secured by five manufactured housing communities. The properties are located in four states and contain a total of 1,953 pads. The portfolio was 86% occupied as of January 2009, essentially the same as last review. Moody's LTV is 97% compared to 94% at last review. Moody's stressed DSCR is 1.03X, the same as at last review.

The second largest conduit loan is the Potomac Run Loan ($43.5 million -- 3.4%), which is secured by a 362,000 square foot community shopping center located in Sterling (Loudoun County), Virginia. The center was 95% occupied as of December 2008, compared to 100% at last review. The largest tenants include Toys R'Us, Michaels and Office Depot, which collectively occupy 30% of the premises. Property performance has declined since last review due to the loss of Circuit City. Moody's LTV is 102% compared to 93% at last review. Moody's stressed DSCR is 0.98X compared to 1.05X at last review.

The third largest conduit loan is the Colony Cove Loan ($41.1 million -- 3.3%), which is secured by a 2,210-pad mobile home park located approximately 40 miles south of Tampa in Ellenton, Florida. The property was 93% occupied as of December 2009, compared to 96% at last review. The loan was structured with a 20-year amortization schedule, and has amortized by approximately 8% since last review. Moody's LTV is 61% compared to 63% at last review. Moody's stressed DSCR is 1.68X compared to 1.54X at last review.

Moody's rating action is as follows:

-Class A2, $79,230,342, affirmed at Aaa; previously affirmed at Aaa on 7/23/2007

-Class A3, $191,758,000, affirmed at Aaa; previously affirmed at Aaa on 7/23/2007

-Class A4, $390,000,000, affirmed at Aaa; previously affirmed at Aaa on 7/23/2007

-Class A1A, $329,406,348, affirmed at Aaa; previously affirmed at Aaa on 7/23/2007

-Class X-1, $1,182,285,161, affirmed at Aaa; previously affirmed at Aaa on 7/23/2007

-Class X-2, $840,060,000, affirmed at Aaa; previously affirmed at Aaa on 7/23/2007

-Class B, $34,689,000, affirmed at Aaa; previously upgraded to Aaa from Aa2 on 7/23/2007

-Class C, $13,875,000, affirmed at Aaa; previously upgraded to Aaa from Aa3 on 7/23/2007

-Class D, $27,751,000, affirmed at Aa3; previously upgraded to Aa3 from A2 on 7/23/2007

-Class E, $15,610,000, affirmed at A2; previously upgraded to A2 from A3 on 7/23/2007

-Class F, $17,345,000, affirmed at Baa; previously affirmed at Baa1 at on 7/23/2007

-Class G, $10,407,000, downgraded to Baa3 from Baa2; previously affirmed at Baa2 on 7/23/2007

-Class H, $19,078,000, downgraded to Ba3 from Baa3; previously affirmed at Baa3 on 7/23/2007

-Class J, $5,204,000, downgraded to B2 from Ba1; previously affirmed at Ba1 on 7/23/2007

-Class K, $5,203,000, downgraded to B3 from Ba2; previously affirmed at Ba2 on 7/23/2007

-Class L, $8,672,000, downgraded to Caa1 from Ba3; previously affirmed at Ba3 on 7/23/2007

-Class M, $8,673,000, downgraded to Caa2 from B1; previously affirmed at B1 on 7/23/2007

-Class N, $3,469,000, downgraded to Caa3 from B2; previously affirmed at B2 on 7/23/2007

-Class P, $3,468,000, downgraded to Caa3 from B3; previously affirmed at B3 on 7/23/2007

-Class FS-1, $12,669,526, affirmed at Aa1; previously upgraded to Aa1 from Aa2 on 7/23/2007

-Class FS-2, $12,574,977, affirmed at Aa2; previously upgraded to Aa2 from Aa3 on 7/23/2007

-Class FS-3, $12,480,428, affirmed at Aa3; previously upgraded to Aa3 from A1 on 7/23/2007

-Class FS-4, $42,641,464, affirmed at A2; previously upgraded to A2 from A3 on 7/23/2007

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 July 23, 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 15 and Downgrades Eight Classes of JPMCC 2003-CIBC7
No Related Data.
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