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Announcement:

Moody's Affirms 19 CMBS Classes of LBUBS 2007-C6

10 May 2012

Approximately $2.8 Billion of Structured Securities Affected

New York, May 10, 2012 -- Moody's Investors Service (Moody's) affirmed the ratings of 19 classes of Lehman Brothers -- UBS Commercial Mortgage Trust 2007-C6 as follows:

Cl. A-2, Affirmed at Aaa (sf); previously on Sep 11, 2007 Assigned Aaa (sf)

Cl. A-2FL, Affirmed at Aaa (sf); previously on Sep 11, 2007 Assigned Aaa (sf)

Cl. A-3, Affirmed at Aaa (sf); previously on Sep 11, 2007 Assigned Aaa (sf)

Cl. A-AB, Affirmed at Aaa (sf); previously on Sep 11, 2007 Assigned Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on May 26, 2010 Confirmed at Aaa (sf)

Cl. A-1A, Affirmed at Aaa (sf); previously on May 26, 2010 Confirmed at Aaa (sf)

Cl. A-M, Affirmed at A1 (sf); previously on Oct 28, 2010 Downgraded to A1 (sf)

Cl. A-MFL, Affirmed at A1 (sf); previously on Oct 28, 2010 Downgraded to A1 (sf)

Cl. A-J, Affirmed at Ba1 (sf); previously on Oct 28, 2010 Downgraded to Ba1 (sf)

Cl. B, Affirmed at B1 (sf); previously on Oct 28, 2010 Downgraded to B1 (sf)

Cl. C, Affirmed at Caa1 (sf); previously on Oct 28, 2010 Downgraded to Caa1 (sf)

Cl. D, Affirmed at Caa3 (sf); previously on Oct 28, 2010 Downgraded to Caa3 (sf)

Cl. E, Affirmed at Ca (sf); previously on Oct 28, 2010 Downgraded to Ca (sf)

Cl. F, Affirmed at Ca (sf); previously on Oct 28, 2010 Downgraded to Ca (sf)

Cl. G, Affirmed at C (sf); previously on Oct 28, 2010 Downgraded to C (sf)

Cl. H, Affirmed at C (sf); previously on May 26, 2010 Downgraded to C (sf)

Cl. J, Affirmed at C (sf); previously on May 26, 2010 Downgraded to C (sf)

Cl. K, Affirmed at C (sf); previously on May 26, 2010 Downgraded to C (sf)

Cl. X, Affirmed at Ba3 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf)

RATINGS RATIONALE

The affirmations are due to key rating parameters, including Moody's loan to value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the Herfindahl Index (Herf), remaining within acceptable ranges. Based on our current base expected loss, the credit enhancement levels for the affirmed classes are sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of 8.3% of the current balance compared to 11.1% at last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. Depending on the timing of loan payoffs and the severity and timing of losses from specially serviced loans, the credit enhancement level for investment grade classes could decline below the current levels. If future performance materially declines, the expected level of credit enhancement and the priority in the cash flow waterfall may be insufficient for the current ratings of these classes.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the extent of the slowdown in growth in the current macroeconomic environment and commercial real estate property markets. While commercial real estate property values are beginning to move in a positive direction, a consistent upward trend will not be evident until the volume of investment activity increases, distressed properties are cleared from the pipeline, and job creation rebounds. The hotel and multifamily sectors continue to show positive signs and improvements in the office sector continue with minimal additions to supply. However, office demand is closely tied to employment, where unemployment remains above long-term averages and business confidence remains below long-term averages. Performance in the retail sector has been mixed with lackluster holiday sales driven by sales and promotions. Consumer confidence remains low. Across all property sectors, the availability of debt capital continues to improve with increased securitization activity of commercial real estate loans supported by a monetary policy of low interest rates. Moody's central global macroeconomic scenario reflects: an overall downward revision of real growth forecasts since last quarter, amidst ongoing and policy-induced banking sector deleveraging leading to a tightening of bank lending standards and credit contraction; financial market turmoil continuing to negatively impact consumer and business confidence; persistently high unemployment levels; and weak housing markets resulting in a further slowdown in growth.

The methodologies used in this rating were "Moody's Approach to Rating Fusion U.S. CMBS Transactions" published in April 2005, and "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in February 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's review incorporated the use of the excel-based CMBS Conduit Model v 2.61 which is used for both conduit and fusion transactions. Conduit model results at the Aa2 (sf) level are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate used by Moody's to estimate Moody's value). Conduit model results at the B2 (sf) level are driven by a paydown analysis based on the individual loan level Moody's LTV ratio. Moody's Herfindahl score (Herf), a measure of loan level diversity, is a primary determinant of pool level diversity and has a greater impact on senior certificates. Other concentrations and correlations may be considered in our analysis. Based on the model pooled credit enhancement levels at Aa2 (sf) and B2 (sf), the remaining conduit classes are either interpolated between these two data points or determined based on a multiple or ratio of either of these two data points. For fusion deals, the credit enhancement for loans with investment-grade credit estimates is melded with the conduit model credit enhancement into an overall model result. Fusion loan credit enhancement is based on the credit estimate of the loan which corresponds to a range of credit enhancement levels. Actual fusion credit enhancement levels are selected based on loan level diversity, pool leverage and other concentrations and correlations within the pool. Negative pooling, or adding credit enhancement at the credit estimate level, is incorporated for loans with similar credit estimates in the same transaction.

The conduit model includes a IO calculator, which uses the following inputs to calculate the proposed IO rating based on the published methodology: original and current bond ratings and credit estimates; original and current bond balances grossed up for losses for all bonds the IO(s) reference(s) within the transaction; and IO type as defined in the published methodology. The calculator then returns a calculated IO rating based on both a target and mid-point. For example, a target rating basis for a Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3 (sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If the calculated IO rating factor is 700, the CMBS IO calculator would provide both a Baa3 (sf) and Ba1 (sf) IO indication for consideration by the rating committee.

Moody's uses a variation of 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 risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 20, the same as last review.

The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's monitors transactions on a monthly basis through a review utilizing MOST® (Moody's Surveillance Trends) Reports and a proprietary program that highlights significant credit changes that have occurred in the last month as well as cumulative changes since the last full transaction review. On a periodic basis, Moody's also performs a full transaction review that involves a rating committee and a press release. Moody's prior transaction review is summarized in a press release dated August 4, 2011. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

DEAL PERFORMANCE

As of the April 17, 2012 distribution date, the transaction's aggregate certificate balance has decreased by 6% to $2.8 billion from $3 billion at securitization. The Certificates are collateralized by 167 mortgage loans ranging in size from less than 1% to 12% of the pool, with the top ten loans representing 58% of the pool. The pool does not contain any defeased loans. The pool does not contain any loans with investment grade credit estimates.

Forty-two loans, representing 31% 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 CRE Finance Council (CREFC) 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.

Seven loans have been liquidated from the pool, resulting in an aggregate $14.6 million realized loss (70% loss severity on average). One loan, the Innkeepers Portfolio, was modified, resulting in a $75 million principal write down and the reimbursement of $23 million of servicer advances that were recognized as principal losses. An additional $5.7 million of principal write downs and reimbursement of servicer advances and expenses from ten loans were also recognized as principal losses.

Currently there are 15 loans in special servicing representing 9% of the pool. The largest specially serviced loan is 100 Wall Street ($117.4 million - 4.2%), which is secured by a 519,093 square foot (SF) office building located in New York City's financial district. The loan was assumed by Savanna Real Estate Fund II L.P. in 2011 and a loan modification was completed on April 17, 2012, extending the term of the loan until June 2016 and increasing reserves for tenant improvements, leasing and interest. It is expected that the loan will be returned to the master servicer shortly.

The remaining 11 specially serviced loans are secured by a mix of property types. The loans are either real estate owned (REO), in the process of foreclosure or delinquent. Moody's has estimated an aggregate $57 million loss for the specially serviced loans (40% expected loss on average).

Moody's has assumed a high default probability for an additional 13 poorly performing loans representing 18% of the pool and has estimated an aggregate $102 million loss (20% expected loss on average) from these troubled loans.

Based on the most recent remittance statement, Classes H through T have experienced cumulative interest shortfalls totaling $15.5 million. Moody's anticipates that the pool will continue to experience interest shortfalls due to the exposure to specially serviced loans and other troubled loans. Interest shortfalls are caused by special servicing fees, including workout and liquidation fees, appraisal subordinate entitlement reductions (ASERs), loan modifications and extraordinary trust expenses.

Moody's was provided with full year 2010 and full or partial year 2011 operating results for 89% and 88% of the pool, respectively. Excluding specially serviced and troubled loans, Moody's weighted average LTV is 110% compared to 109% at last review. Moody's net cash flow reflects a weighted average haircut of 10% to the most recently available net operating income. Moody's value reflects a weighted average capitalization rate of 9.08%.

Excluding specially serviced and troubled loans, Moody's actual and stressed DSCRs are 1.29X and 0.93X, respectively, compared to 1.29X and 0.91X at last review. Moody's actual DSCR is based on Moody's net cash flow (NCF) and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed rate applied to the loan balance.

The top three performing exposures represent 33% of the pool balance. The largest exposure is the Innkeepers Portfolio ($337.5 million - 12%), which represents a 50% pari passu interest in a $675 million first mortgage loan. The loan entered special servicing in April 2010 and emerged from bankruptcy in October 2011 with Cerberus Capital Management and Chatham Lodging as the new sponsors. The bankruptcy reorganization plan included, among other things, a principal reduction from the original balance of $825 million to the current balance of $675 million. Moody's LTV and stressed DSCR are 106% and 1.12, respectively.

The second largest exposure is the PECO Portfolio ( $324 million -- 12%), which consists of 39 cross-collateralized and cross-default loans secured by 39 retail properties totaling 4.3 million SF located in 13 states. No property represents more than 7% of the total portfolio total square footage. The loan has been interest-only since securitization. Thirty-three of the loans will begin to amortize in July 2012, while the remainder will begin to amortize in September 2012. Performance of the portfolio has been stable. Moody's LTV and stressed DSCR are 112% and .87X, respectively, compared to 117% and 0.84X at last review.

The third largest exposure is the Potomac Mills Loan ($246.0 million -- 8.3%), which represents a 60% pari-passu interest in a $410 million first mortgage loan. The loan is secured by a 1.5 million square foot retail center located in Woodbridge, Virginia. Anchor tenants include Costco (10% of the NRA; lease expiration -- May 2032) and JC Penney (7% of the NRA; lease expiration -- December 2021). The property has strong sponsorship from the Simon Property Group. The property was 98% leased in December 2011. Performance has been stable. Moody's LTV and stressed DSCR are 114% and 0.81X, respectively, compared to 119% and 0.77X at last review.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Samuel R. Moore
Associate Analyst 1
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Michael M. Gerdes
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms 19 CMBS Classes of LBUBS 2007-C6
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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