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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's Affirms Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C3

13 Mar 2007
Moody's Affirms Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C3

Approximately $1.58 Billion of Structured Securities Affected

New York, March 13, 2007 -- Moody's Investors Service affirmed the ratings of 20 classes of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C3 as follows:

-Class A-2, $44,923,240, Fixed, affirmed at Aaa

-Class A-3, $209,402,000, Fixed, affirmed at Aaa

-Class A-4, $102,918,000, Fixed, affirmed at Aaa

-Class A-5, $694,474,000, WAC Cap, affirmed at Aaa

-Class A-1-A, $329,159,619, Fixed, affirmed at Aaa

-Class A-X, Notional, affirmed at Aaa

-Class A-SP, Notional, affirmed at Aaa

-Class B, $45,084,000, WAC Cap, affirmed at Aa2

-Class C, $14,345,000, WAC Cap, affirmed at Aa3

-Class D, $28,690,000, WAC Cap, affirmed at A2

-Class E, $16,395,000, WAC Cap, affirmed at A3

-Class F, $20,493,000, WAC Cap, affirmed at Baa1

-Class G, $16,394,000, WAC Cap, affirmed at Baa2

-Class H, $22,542,000, WAC, affirmed at Baa3

-Class J, $8,198,000, WAC Cap, affirmed at Ba1

-Class K, $6,147,000, WAC Cap, affirmed at Ba2

-Class L, $8,198,000, WAC Cap, affirmed at Ba3

-Class M, $6,148,000, WAC Cap, affirmed at B1

-Class N, $6,147,000, WAC Cap, affirmed at B2

-Class O, $2,050,000, WAC Cap, affirmed at B3

As of the February 16, 2007 distribution date, the transaction's aggregate certificate balance has decreased by approximately 2.1% to $1.60 billion from $1.64 billion at securitization. The Certificates are collateralized by 174 mortgage loans. The loans range in size from less than 1.0% to 9.6% of the pool, with the top 10 loans representing 42.5% of the pool. The pool includes one investment grade shadow rated loan, representing 3.2% of the outstanding pool balance. Five loans, representing 10.7% of the pool, have defeased and are secured by U.S. Government securities. The pool's largest loan, One Park Avenue ($154.0 million -- 9.6%), has defeased. There have been no loans liquidated from the pool and no losses. Currently one loan, representing less than 1.0% of the pool, is in special servicing. There are no losses projected from this loan at the present time. Twenty-four loans, representing 8.2% of the pool, are on the master servicer's watchlist.

Moody's was provided with full-year 2005 and partial-year 2006 operating results for 95.6% and 83.5%, respectively, of the performing loans. Moody's loan to value ratio ("LTV") for the conduit component is 91.7%, compared to 91.1% at securitization.

The shadow rated loan is the Mizner Park Loan ($51.1 million - 3.2%), which is secured by a leasehold interest in a mixed-use property located in Boca Raton, Florida. The subject is part of a larger property known as Mizner Park, which includes office, retail and residential components. Only the office and retail portions secure this loan. Built in phases between 1991 and 1996, and renovated in 1999, the collateral includes six buildings containing 504,463 square feet. The office space is allocated between a seven-story office building (163,818 square feet) and a low-rise office plaza (104,108 square feet). The combined office components represent 53.1% of the collateral's net rentable area. The retail portion totals 236,537 square feet (46.9% NRA) and is comprised of the ground level space as well as a free-standing retail building. As of July 2006 the overall occupancy level was 88.4%, essentially the same as at securitization (88.7%). The loan sponsor is The Rouse Company. Moody's current shadow rating is Baa2, the same as at securitization.

The three largest conduit loans represent 17.1% of the pool. The largest conduit loan is the Pacific Design Center Loan ($150.0 million - 9.4%), which is secured by a 961, 859 square foot office complex located in West Hollywood, California. The two main buildings are known as the Blue Building and the Green Building, due to their colored glass exteriors. The Blue Building was constructed in 1976 and contains 587,859 square feet, which is mostly utilized as design showroom space. The Green Building is a nine-story office and showroom facility constructed in 1988. In addition to the showroom and office space, the property also houses a 384-seat theater and screening room, conference facilities, a two-story gallery leased to the Museum of Contemporary Art, a fitness facility, a seven-level parking garage and two restaurants. The property also includes a 1.5 acre landscaped plaza with an open-air amphitheater. As of December 2006 the property was 87.4% occupied, compared to 79.6% at securitization. The two largest leases are with affiliates of Interpublic Group ("IPG") and represent 21.9% of the leased square footage through July 2015 and January 2017. IPG is an advertising and marketing conglomerate. The loan is interest only for the first three years of its term converting to a 28-year schedule thereafter. Moody's LTV is 80.2%, the same as at securitization.

The second largest conduit loan is the 160 West 24th Street Loan ($73.6 million - 4.6%), which is secured by a 204-unit, 18-story multifamily property located in the Chelsea submarket of New York City. The improvements were constructed between 1987 and 1999. The property is 100.0% master leased to ExecuStay (the same as at securitization) under a lease through January 2017, with two five-year renewal options. However, the lease can be terminated at any time subject to a termination fee of $15.6 million that is guaranteed by Marriott International, Inc (Moody's senior unsecured ratingBaa2; stable outlook). The termination penalty increases through July 2011 reaching a maximum of $17.6 million, reducing to $11.1 million thereafter. Moody's LTV is 87.1%, compared to 90.3% at securitization.

The third largest conduit loan is the Centro Gran Caribe Loan ($50.7 million -- 3.2%), which is secured by a 387,437 square foot enclosed retail mall located in Vega Alta, Puerto Rico approximately 23 miles west of the San Juan CBD. The property was originally built as two distinct retail properties with separate ownership. Subsequently the properties were joined and are now physically connected by an enclosed, air-conditioned pedestrian walkway. As of December 2006 occupancy was 94.1%, compared to 95.7% at securitization. Financial performance has been stable to moderately higher since securitization. The loan was interest only for the first two years of its term but now amortizes on a 28-year schedule. Moody's LTV is 83.0%, compared to 85.4% at securitization.

The pool's collateral is a mix of office and mixed use (35.2%), retail (28.0%), multifamily and manufactured housing (20.5%), U.S. Government securities (10.7%), industrial and self storage (3.9%) and lodging (1.7%). The collateral properties are located in 30 states, Puerto Rico and the District of Columbia. The highest state concentrations are California (25.4%), Texas (11.6%), New York (10.7%), Florida (6.8%) and Michigan (6.8%). All of the loans are fixed rate.

New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit 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 or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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