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I AGREE
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.
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