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10 Aug 2011
Approximately $253.5 Million of Structured Securities Affected
New York, August 10, 2011 -- Moody's has affirmed four classes of Notes issued by Morgan Stanley Re-REMIC
Trust 2010-C30 as a result of the key transaction parameters performing
within levels commensurate with the existing ratings levels. The
rating action is the result of Moody's on-going surveillance
of commercial real estate collateralized debt obligation (CRE CDO) transactions.
Cl. A3A, Affirmed at Aaa (sf); previously on Sep 3,
2010 Assigned Aaa (sf)
Cl. A3B, Affirmed at Aaa (sf); previously on Sep 3,
2010 Assigned Aaa (sf)
Cl. A3B-1*, Affirmed at Aaa (sf); previously
on Sep 3, 2010 Assigned Aaa (sf)
Cl. A3B-2*, Affirmed at Aaa (sf); previously
on Sep 3, 2010 Assigned Aaa (sf)
Morgan Stanley Re-REMIC Trust 2010-C30 is a Re-REMIC
Pass Through Trust backed by $253.5 million, or 27.9%
of the aggregate class principal balanc e of Class A-3 ("Underlying
Certificate") issued by Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2007-C30.
The current performance of the Certificate is commensurate with current
ratings levels. Please see our ratings actions on the Underlying
Certificate dated August 4 , 2011.
Since the ratings of the CRE CDO Certificates are linked to the rating
of the underlying CMBS certificate which in turn are linked to the performance
of the underlying commercial mortgage pool's performance, any rating
action on the underlying certificate may trigger a review of the ratings
of the certificates
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 current sluggish macroeconomic environment
and varying performance in the commercial real estate property markets.
However, Moody's expects to see increasing or stabilizing property
values, higher transaction volumes, a slowing in the pace
of loan delinquencies and greater liquidity for commercial real estate
in 2011 The hotel and multifamily sectors are continuing to show signs
of recovery, while recovery in the office and retail sectors will
be tied to recovery of the broader economy. The availability of
debt capital continues to improve with terms returning toward market norms.
Moody's central global macroeconomic scenario reflects an overall sluggish
recovery through 2012, amidst ongoing individual, corporate
and governmental deleveraging, persistent unemployment, and
government budget considerations.
The methodology used when assigning and monitoring the ratings is as follows:
Moody's applied ratings-specific cash flow scenarios assuming different
loss timing, recovery and prepayment assumptions on the underlying
pool of mortgages that are the collateral for the underlying CMBS transaction
through Structured Finance Workstation® (SFW), the cash flow
model developed by Moody's Wall Street Analytics. The analysis
incorporates performance variances across the different pools and the
structural features of the transaction including priorities of payment
distribution among the different tranches, tranche average life,
current tranche balance and future cash flows under expected and stressed
scenarios. In each scenario, cash flows and losses from the
underlying collateral were analyzed applying different stresses at each
rating level. The resulting ratings specific stressed cash flows
were then input into the structure of the resecuritization to determine
expected losses for each class. The expected losses were then compared
to the idealized expected loss for each class to gauge the appropriateness
of the existing rating. The stressed assumptions considered,
among other factors, the underlying transaction's collateral attributes,
past and current performance, and Moody's current negative performance
outlook for commercial real estate.
Other methodology used in this rating was "Moody's Approach to Rating
Repackaged Securities" published in April 2010. Please see the
Credit Policy page on www.moodys.com for a copy of this
Structured Finance Group
Moody's Investors Service, Inc.
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service, Inc.
Moody's Investors Service, Inc.
Moody's Affirms Four CRE CDO Classes of Morgan Stanley Re-REMIC Trust 2010-C30
250 Greenwich Street
New York, NY 10007
No Related Data.
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