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Announcement:

Moody's Affirms Nine CMBS Classes of COMM 2005-FL11

03 Feb 2011

Approximately $96.0 Million in Structured Securities Affected

New York, February 03, 2011 -- Moody's Investors Service (Moody's) affirmed the ratings of nine pooled classes of COMM 2005-FL11 Commercial Mortgage Securities Corp. Series 2005-FL11. Moody's rating action is as follows:

Cl. B, Affirmed at Aaa (sf); previously on May 11, 2007 Upgraded to Aaa (sf)

Cl. C, Affirmed at Aaa (sf); previously on May 11, 2007 Upgraded to Aaa (sf)

Cl. D, Affirmed at Aaa (sf); previously on Feb 25, 2010 Upgraded to Aaa (sf)

Cl. E, Affirmed at Aa1 (sf); previously on Feb 25, 2010 Upgraded to Aa1 (sf)

Cl. F, Affirmed at Aa3 (sf); previously on Feb 25, 2010 Upgraded to Aa3 (sf)

Cl. H, Affirmed at Baa3 (sf); previously on Mar 3, 2009 Downgraded to Baa3 (sf)

Cl. J, Affirmed at Ba1 (sf); previously on Mar 3, 2009 Downgraded to Ba1 (sf)

Cl. X-2-DB, Affirmed at Aaa (sf); previously on Dec 6, 2005 Definitive Rating Assigned Aaa (sf)

Cl. X-3-DB, Affirmed at Aaa (sf); previously on Dec 16, 2005 Assigned Aaa (sf)

The affirmations are due to key parameters, including Moody's loan to value (LTV) ratio and Moody's stressed debt service coverage ratio (DSCR) remaining within acceptable ranges.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term. From time to time, Moody's may, if warranted change these expectations. Performance that falls outside an acceptable range of the key parameters may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated during the previous review. Even so, deviation from the expected range will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in collateral performance, such as increased subordination levels due to amortization and loan payoffs or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the current stressed macroeconomic environment and continuing weakness in the commercial real estate and lending markets. Moody's currently views the commercial real estate market as stressed with further performance declines expected in the industrial, office, and retail sectors. Hotel performance has begun to rebound, albeit off a very weak base. Multifamily has also begun to rebound reflecting an improved supply / demand relationship. The availability of debt capital is improving with terms returning towards market norms. Job growth and housing price stability will be necessary precursors to commercial real estate recovery. Overall, Moody's central global scenario remains "Hook-shaped" for 2011; we expect overall a sluggish recovery in most of the world's largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

The principal methodology used in rating of COMM 2005-FL11 Commercial Mortgage Securities Corp. Series 2005-FL11 was "Moody's Approach to Rating Large Loan/Single Borrower Transactions" published on July 7, 2000. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Moody's review incorporated the use of the excel-based Large Loan Model v 8.0. The large loan model derives credit enhancement levels based on an aggregation of adjusted loan level proceeds derived from Moody's loan level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, property type, and sponsorship. These aggregated proceeds are then further adjusted for any pooling benefits associated with loan level diversity, other concentrations and correlations.

Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors. Therefore, the rating outcome may differ from the model output.

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 two sets of quantitative tools -- MOST® (Moody's Surveillance Trends) and CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic basis through a comprehensive review. Moody's prior full review is summarized in a press release dated February 25, 2010. 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 January 18, 2011 distribution date, the transaction's aggregate certificate balance has decreased by approximately 92% to $130.8 million from $1.69 billion at securitization. The Certificates are secured by three loans ranging in size from 9% to 72% of the pool balance.

The pool has experienced losses of $22,905 since securitization. As of the January18, 2011 remittance statement, there are interest shortfalls totaling $5,101 to Class L. Generally, interest shortfalls are caused by special servicing fees, including workout and liquidation fees, appraisal subordinate entitlement reductions (ASERs) and extraordinary trust expenses.

Currently one loan, the DDR/Macquarie Mervyn's Portfolio Loan ($11.4 million -- 9% of the pool balance), is in special servicing. This loan represents a pari-passu interest in a $153.4 million first mortgage loan. The loan has paid down 41% since securitization. The loan was originally secured by 35 single tenant buildings leased to Mervyn's. Mervyn's filed for Chapter 11 bankruptcy protection in July 2008, closed all its stores, and rejected the leases on all the properties in this portfolio. The loan was transferred to special servicing in October 2008 due to imminent default. The borrower is focused on selling or releasing the properties. Eleven properties have been sold and one sale is pending. Ten properties have been fully or partially leased. Thirteen properties are vacant. The loan matured in October of 2010 and is delinquent in paying debt service. Moody's loan to value (LTV) ratio is over 100%, the same as last review. Moody's current credit estimate is C, the same as last review.

The largest loan in the pool is the Whitehall/Starwood Golf Portfolio Loan ($93.8million - 72% of the pool balance) which was initially supported by fee and leasehold interests in a portfolio of 173 public and private golf courses containing 3,374 holes. Seventy three properties have been released since securitization and the loan is now secured by 100 courses containing 1,968 holes across the United States. The properties are managed by AGC Corp. The servicer recently executed a forebearance through July 2012 which requires two principal payments of $25 million due in August 2011 and June 2012. Moody's current pooled LTV is 64% and stressed DSCR is 1.77X. Moody's current credit estimate is Ba1 the same as last review.

The second largest loan is the Crossgate Commons Loan ($25.5 million -- 19% of the pool balance), which is secured by a 690,000 square foot power center located in Albany, New York. The center is anchored by Wal-Mart and Sam's Club, although neither tenant is part of the collateral. Other anchor tenants include Home Depot, Sport's Authority and Jeepers. As of October 2010, the center was 77% leased. Both the cash flow and occupancy have deteriorated since securitization. This loan has been extended through September 2012. In addition, the borrower is providing an additional guarantee of up to $8 million and the cash flow is being swept into a reserve account and will be held as additional collateral. Moody's current pooled LTV is over 100% and stressed DSCR is 0.85X. Moody's current credit estimate is Caa2 the same as last review.

New York
Annelise Osborne
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

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

Moody's Affirms Nine CMBS Classes of COMM 2005-FL11
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.

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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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