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Rating Action:

Moody's Affirms 21 and Upgrades Four Classes of WBCMT 2007-C30

Global Credit Research - 23 May 2014

Approximately $6.81 Billion of Structured Securities Affected

New York, May 23, 2014 -- Moody's Investors Service has affirmed the ratings on 21 classes and upgraded the ratings on four classes of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-C30 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Jun 6, 2013 Affirmed Aaa (sf)

Cl. A-PB, Affirmed Aaa (sf); previously on Jun 6, 2013 Affirmed Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jun 6, 2013 Affirmed Aaa (sf)

Cl. A-1A, Upgraded to Aa1 (sf); previously on Jun 6, 2013 Affirmed Aa3 (sf)

Cl. A-5, Upgraded to Aa1 (sf); previously on Jun 6, 2013 Affirmed Aa3 (sf)

Cl. A-M, Upgraded to A3 (sf); previously on Jun 6, 2013 Affirmed Baa1 (sf)

Cl. A-MFL, Upgraded to A3 (sf); previously on Jun 6, 2013 Affirmed Baa1 (sf)

Cl. A-J, Affirmed B3 (sf); previously on Jun 6, 2013 Affirmed B3 (sf)

Cl. B, Affirmed Caa1 (sf); previously on Jun 6, 2013 Affirmed Caa1 (sf)

Cl. C, Affirmed Caa2 (sf); previously on Jun 6, 2013 Affirmed Caa2 (sf)

Cl. D, Affirmed Caa3 (sf); previously on Jun 6, 2013 Affirmed Caa3 (sf)

Cl. E, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. M, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. N, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. O, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. P, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. Q, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. X-C, Affirmed Ba3 (sf); previously on Jun 6, 2013 Affirmed Ba3 (sf)

Cl. X-W, Affirmed Ba3 (sf); previously on Jun 6, 2013 Affirmed Ba3 (sf)

RATINGS RATIONALE

The ratings on P&I classes A-1A through A-MFL were upgraded based on lower expected losses due to strengthening real estate markets.

The ratings on P&I classes A-3, A-4, A-PB were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges.

The ratings on the remaining 16 P&I classes were affirmed because the ratings are consistent with Moody's expected loss.

The ratings on the two IO classes were affirmed based on the credit performance (or the weighted average rating factor) of their respective referenced classes.

Moody's rating action reflects a base expected loss of 11.4% of the current balance compared to 13.4% at Moody's last review. Moody's base expected loss plus realized losses is now 11.2% of the original pooled balance compared to 12.7% at the 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.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in this rating was "Moody's Approach to Rating U.S. CMBS Conduit Transactions" published in September 2000. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model v 2.64, which it uses 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 Moody's uses to estimate Moody's value). Conduit model results at the B2 (sf) level are based on a paydown analysis using the individual loan-level Moody's LTV ratio. Moody's may consider other concentrations and correlations in its analysis. Based on the model pooled credit enhancement levels of Aa2 (sf) and B2 (sf), the required credit enhancement on 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, Moody's merges the credit enhancement for loans with investment-grade structured credit assessments with the conduit model credit enhancement for an overall model result. Moody's incorporates negative pooling (adding credit enhancement at the structured credit assessment level) for loans with similar structured credit assessments in the same transaction.

Moody's uses a variation of Herf to measure the diversity of loan sizes, 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. The credit neutral Herf score is 40. The conduit portion of the pool has a Herf of 24 compared to 21 at Moody's last review.

DEAL PERFORMANCE

As of the May 16, 2014 distribution date, the transaction's aggregate certificate balance has decreased by 14% to $6.81 billion from $7.90 billion at securitization. The certificates are collateralized by 229 mortgage loans ranging in size from less than 1% to 22% of the pool, with the top ten loans constituting 54% of the pool. Two loans, constituting less than 0.05% of the pool, have defeased and are secured by US government securities.

Fifty loans, constituting 17% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

Twenty-nine loans have been liquidated from the pool, resulting in an aggregate realized loss of $110 million (for an average loss severity of 47%). Twenty-eight loans, constituting 30% of the pool, are currently in special servicing. The largest specially serviced loan is the Peter Cooper Village and Stuyvesant Town (PCV/ST) ($1.5 billion -- 22.0% of the pool), which represents a pari-passu interest in a $3.0 billion first mortgage loan spread among five separate CMBS deals. There is also $1.4 billion in mezzanine debt secured by the borrower's interest. The loan is secured by two adjacent multifamily apartment complexes with 11,229 units located on the east side of Manhattan, New York that is managed by CompassRock Real Estate.

The loan transferred to special servicing in November 2009 for imminent default after the Court of Appeals upheld the Appellate Division, First Department's reversal of an August 2007 decision of the State Supreme Court, which held that properties receiving tax benefits, including those pursuant to the J-51 program, be permitted to decontrol rent stabilized apartments pursuant to New York State rent stabilization laws. On April 10, 2013, the New York State Supreme Court approved a settlement in the tenant's class action lawsuit regarding improperly deregulated rent-stabilized units and the special servicer anticipated full implementation of the settlement would take approximately 18 months. In May 2014, the special servicer indicated it planned to foreclose on a $300 million portion of the mezzanine debt. The foreclosure sale is scheduled for June 13, 2014. The UCC sale is a first step in any ultimate resolution for the asset.

Overall, property performance has improved significantly since the end of 2011. The 2013 year net operating income (NOI) was $177.5 million which represented a 7% increase from 2012 and over a 33% increase from 2011. The property was appraised for $3.4 billion in September 2013 up from $3.2 in September 2012 and $3.0 in September 2011. The whole loan currently has over $580 million in cumulative ASERs, P&I and other advances to date. The special servicer believes that the complete implementation of the April 2013 settlement and continued recovery from Hurricane Sandy and collection of the associated insurance claim are prerequisites to optimal capital recovery.

The second largest specially serviced loan is the Park Hyatt Aviara Resort ($186.5 million -- 2.7% of the pool) which is secured by a 329-key resort hotel located in Carlsbad, California. The loan originally transferred to special servicing in January 2011 and a modification was executed which reduced the interest rate (with future annual steps), extended the maturity date to February 2017 and established an operating/debt service reserve. The corrected loan returned to the master servicer in May 2011 but subsequently transferred back to the special servicer in April 2013 due to imminent monetary default. As of the trailing twelve month period ending October 2013 the property had an occupancy of only 58.6% and RevPAR of $137.71. The special servicer indicated they are in the process of completing a deed-in-lieu of foreclosure.

The remaining 26 specially serviced loans are secured by a mix of property types. Moody's estimates an aggregate $416.2 million loss for the specially serviced loans (20% expected loss on average).

Moody's has assumed a high default probability for 27 poorly performing loans, constituting 9% of the pool, and has estimated an aggregate loss of $201.7 million (34% expected loss on average) from these troubled loans. The high expected loss on the troubled loans is partially due to the inclusion of over $102 million of B-Notes from previously modified loans.

Moody's received full year 2012 and full or partial 2013 operating results for 95% of the pool. Moody's weighted average conduit LTV is 114% compared to 120% at Moody's last review. Moody's conduit component excludes defeased loans, specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 9% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 8.8%.

Moody's actual and stressed conduit DSCRs are 1.32X and 0.87X, respectively, compared to 1.23X and 0.82X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 18% of the pool. The largest conduit loan is the Five Times Square Loan ($536.0 million -- 7.9% of the pool), which represents a 50% pari-passu interest in a $1.07 billion senior first mortgage loan. The loan is secured by a 1.1 million square foot (SF) Class A office building located in the Times Square submarket of Manhattan, New York. The property has maintained 100% occupancy since securitization. The office component represents 97% of the total building's net rentable area (NRA) of which the majority is leased to Ernst and Young through May 2022 and serves as its U.S. Headquarters. Property performance improved significantly in 2013 due to a nearly 11% rent bump in Ernst & Young lease that occurred in May 2012. The loan was previously on the servicer's watchlist due to a low DSCR, but was removed in 2013 when the in-place DSCR increased above 1.10X. The loan is interest throughout the entire term. Moody's LTV and stressed DSCR are 135% and 0.64X, respectively, compared to 136% and 0.63X at last review.

The second largest conduit loan is the State Street Financial Center Loan ($387.5 million -- 5.7% of the pool), which represents a 50% pari-passu interest in a $775.0 million first mortgage loan. The loan is secured by a 1.0 million SF Class A office building located in the Financial District of Boston, Massachusetts. The property is 100% leased to State Street Corporation (senior unsecured rating: A1 -- stable outlook) through September 2023 and serves as its headquarters. The loan is interest only throughout its entire term. Moody's LTV and stressed DSCR are 137% and 0.69X, respectively, compared to 130% and 0.73X at last review.

The third largest conduit loan is the 485 Lexington Avenue Loan ($315.0 million -- 4.6% of the pool), which represents a 70% pari-passu interest in a $450.0 million first mortgage loan. The loan is secured by a 915,000 SF Class A office building located near Grand Central Station in Manhattan. The property was essentially 100% leased as of March 2013, which is the same as last review. The largest tenants include Citibank, N.A. (32% of the NRA; lease expiration February 2017) and Travelers Indemnity Company (19% of the NRA; lease expiration August 2016). Nearly a third of Citibank's space is subleased to Xerox Corp. The loan is interest only throughout its entire term. Moody's LTV and stressed DSCR are 125% and 0.72X, respectively, compared to 129% and 0.67X at last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Matthew Halpern
Analyst
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 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 21 and Upgrades Four Classes of WBCMT 2007-C30
No Related Data.
© 2015 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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