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Global Credit Research - 26 May 2010
Approximately $73.1 Million of Structured Securities Affected
New York, May 26, 2010 -- Moody's Investors Service ("Moody's") affirmed
the ratings of seven pooled classes of Danbury Fair Mall Trust Commercial
Mortgage Pass-Through Certificates, Series 2001-DFM
due to the mall's stable current and expected operating performance.
The certificates are supported by Danbury Fair Mall, a dominant
regional mall located in Danbury, Connecticut. The 1.3
million square foot mall is anchored by four department stores --
Macy's, Lord & Taylor, J.C. Penny
and Sears. Filene's, a fifth anchor, closed in
February 2006. Loan collateral consists of approximately 503,696
square feet of in-line mall space, which was approximately
95% leased as of December 2009. Comparable in-line
tenant sales were $521 per square foot in calendar year 2009,
compared to $561 per square foot in 2008. The project is
owned by an affiliate of Macerich L.P.
Danbury Fair Mall is encumbered by three mortgage notes. Two notes
are assets of the trust -- Note A1 ($73.0 million)
and Note B ($70.7 million). The third note,
Note A2 ($84.0 million) is securitized in the PNC 2001-C1
transaction. Each of the three notes bears the same interest rate
of 7.51% and the mortgage loan amortizes on a 30-year
schedule. So long as the mortgage loan is not in default,
the principal portion of each monthly payment is applied first to Note
A1 until paid in full, second to Note A2 until paid in full,
and thereafter to Note B. Expenses, losses and shortfalls
are allocated first to Note B, and thereafter to Note A1 and Note
A2, pro rata. The mortgage loan matures on March 10,
As of the May 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 20% to $73.3
million from $91.0 million at securitization.
Moody's rating action is as follow:
-Class A, $2,354,131, affirmed at
Aaa; previously assigned Aaa on March 16, 2001
-Class X, Notional, affirmed at Aaa; previously
assigned Aaa on March 16, 2001
-Class B, $10,200,000,affirmed at
Aaa; previously upgraded to Aaa from Aa2 on June 6, 2006
-Class C, $11,000,000, affirmed
at Aaa; previously upgraded to Aaa from Aa2 on June 6, 2006
-Class D, $19,500,00, affirmed at
Aa2; previously downgraded to Aa2 from Aa1 on March 11, 2009
-Class E, $18,500,000, affirmed
at A2; previously downgraded to A2 from A1 on March 11, 2009
-Class F, $9,000,000, affirmed at
Baa1; previously downgraded to Baa1 from A2 on March 11, 2009
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 review is summarized
in a Press Release dated March 11, 2009. The previous review
was part of Moody's first quarter 2009 ratings sweep and incorporated
assumptions for capitalization rates and stressed cash flows that were
outlined in "Rating Methodology Update: US CMBS Conduit and Fusion
Review Prompted by Declining Property Values and Rising Delinquencies"
dated February 5, 2009.
The principal methodology used in rating and monitoring this transaction
was Moody's "CMBS: Moody's Approach to Rating Large Loan/Single
Borrower Transactions", published on July 7, 2000 and available
on www.moodys.com in the Rating Methodologies sub-directory
under the Research & Ratings tab. Other methodologies and factors
that may have been considered in the process of rating this transaction
can also be found in the Rating Methodologies sub-directory 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.
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
Moody's Affirms Seven Classes of Danbury Fair Mall Trust 2001-DFM
Andrea M. Daniels
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
No Related Data.
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