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Announcement:

Moody's Affirms ARCap 2003-1 Resecuritization Trust, Collateralized Debt Obligation Certificates, Series 2003-1

11 Sep 2008
Moody's Affirms ARCap 2003-1 Resecuritization Trust, Collateralized Debt Obligation Certificates, Series 2003-1

Approximately $175.8 Million of Structured Securities Affected

New York, September 11, 2008 -- Moody's Investors Service affirmed the ratings of six classes of Certificates issued by ARCap 2003-1 Resecuritization Trust as follows:

-Class A, $54,800,000, Certificates Due 2023, affirmed at Aaa

-Class B, $36,000,000, Certificates Due 2038, affirmed at Aaa

-Class C, $20,500,000, Certificates Due 2038, affirmed at Aa1

-Class D, $15,400,000, Certificates Due 2038, affirmed at Aa2

-Class E, $36,100,000, Certificates Due 2038, affirmed at A1

-Class F, $13,000,000, Certificates Due 2038, affirmed at A2

Moody's is affirming this transaction due to overall stable pool performance.

As of the August 20, 2008 distribution date, the transaction's aggregate collateral balance was $414.4 million, the same as that at last review. The Certificates are collateralized by 64 commercial mortgage backed securities (CMBS) certificates from 13 CMBS deals.

Since last review, of the 42 classes rated by Moody's, three classes have been upgraded and four classes have been downgraded. Credit estimates were performed on 22 non-Moody's rated CMBS classes (34.5% of the pool balance).

Moody's uses a weighted average rating factor (WARF) as an overall indicator of the credit quality of a CDO transaction. Based on Moody's analysis, the current WARF is 2,810 compared to 2,543 at last review. However, the deal has seasoned approximately two years since last review. Moody's reviewed the ratings or performed credit estimates on all the collateral supporting the Certificates. The distribution is as follows: A1-A3 (1.8% compared to 0.0% at last review), Baa1-Baa3 (0.8% compared to 0.0%), Ba1-Ba3 (36.9% compared to 39.1%); B1-B3 (45.5% compared to 50.6%) and Caa1-NR (15.0% compared to 10.3%).

The CMBS securities are from pools securitized between 1999 and 2003. The largest vintage exposures are 2002 (44.3%) and 2001 (28.5%). The largest three exposures are BAFU 2001-3 (10.3%), GECMC 2001-1 (9.2%) and BACM 2001-PB1 (9.0%).

Moody's periodically completes full reviews in addition to monitoring transactions on a monthly basis. Moody's prior full review is summarized in a press release dated September 21, 2006.

Moody's has published rating methodologies outlining our analytical approach to surveillance and our approach to rating static commercial real estate collateralized debt obligations (CRE CDOs). In addition, Moody's has published numerous articles outlining our ratings approach to the various collateral types customarily deposited within these transactions along with other articles on credit issues unique to the sector. The major rating methodologies employed in analyzing this transaction include:

• CMBS: Moody's Approach to Rating Static CDOs Backed by Commercial Real Estate Securities, June 17, 2004 -- this paper details the evolution of our analytic approach to rating CRE CDOs touching on the binomial expansion model, extension risk, correlation, severity rates, pari passu notes, diversity, and interest shortfalls with a discussion of simulation engines, cash flow analysis, scenario analysis, and other elements in Moody's analysis with detailed supplementary information on deriving a CDO collateral loss distribution by simulating pool loss for each CMBS transaction and by simulating default probability and severity for each CMBS certificate; and

• The Inclusion of Commercial Real Estate Assets in CDOs, October 8, 1999 -- this paper describes the development of commercial real estate backed CDOs, speaks to collateral pool analysis including industry classifications, diversification, credit quality, recovery rate, and cash flow characteristics, and refers to other aspects of CMBS as CDO collateral including prepayment risk, sequential pay structure, ability to defer interest payments temporarily, servicer advancing, losses, extension risk, recovery rates, and servicer risk.

These methodologies are available on Moodys.com. The analysis of this transaction is consistent with Moody's published rating methodologies.

New York
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Deryk Meherik
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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