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Announcement:

Moody's Affirms Six CMBS Classes of RBS Commercial Funding 2010-MB1

22 Apr 2011

Approximately $305.8 Million of Structured Securities Affected

New York, April 22, 2011 -- Moody's Investors Service affirmed the ratings of six classes of RBS Commercial Funding Inc Commercial Mortgage Pass-Through Certificates, Series 2010 MB1 as follows:

Cl. A-1, Affirmed at Aaa (sf); previously on Apr 23, 2010 Definitive Rating Assigned Aaa (sf)

Cl. A-2, Affirmed at Aaa (sf); previously on Apr 23, 2010 Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at Aa2 (sf); previously on Apr 23, 2010 Definitive Rating Assigned Aa2 (sf)

Cl. C, Affirmed at A2 (sf); previously on Apr 23, 2010 Definitive Rating Assigned A2 (sf)

Cl. D, Affirmed at Baa3 (sf); previously on Apr 23, 2010 Definitive Rating Assigned Baa3 (sf)

Cl. X, Affirmed at Aaa (sf); previously on Apr 23, 2010 Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The affirmations are based on the quality of the collateral, the credit enhancement furnished by the subordinate tranches, and the structural and legal integrity of the transaction, along with 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 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 principal methodology used in this rating was "Moody's Approach to Rating Large Loan/Single Borrower Transactions" published in July 2000.

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 Pre-Sale Report dated April 5, 2010. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

DEAL PERFORMANCE

As of the April 15, 2011 Payment Date, the transaction's aggregate certificate balance has decreased by 1.3% to $305.8 million from $309.7 million at securitization due to scheduled loan amortization for five loans representing 77% of the pooled trust balance.

The certificates are collateralized by six fixed-rate loans ranging in size from 9% to 25% of the pooled trust balance. The largest loan is $76.4 million or 25% of the pooled trust balance, and the three largest loans represent 70% of the pooled trust balance. The pool has not experienced a loss and there are no loans in special servicing, nor are there any loans on the master servicer's watchlist. Watch listed loans are loans which meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package.

Moody's weighted average pooled LTV ratio is 65%, the same as at securitization. Moody's stressed debt service coverage ratio (DSCR) is 1.53x, compared to 1.51x at securitization.

The largest loan is the South Plains Mall Loan ($76.4 million -- 25% of the pooled balance) secured by a portion of a 1.1 million square foot dominant regional mall located in Lubbock, Texas. It is the only regional mall with traditional anchor stores in its 100-mile trade area. The closest competitive mall is 120 miles away. As of the December 30, 2010 rent roll the in-line mall space was 86% leased, compared to 82% at securitization. The mall has five anchors including JC Penney, Dillard's Store for Men and Children, Dillard's Store for Women, Sears and Beall's. Sears is anchor owned and is therefore not part of the loan collateral. Vacant space includes an 82,000 square foot outparcel that was formerly occupied by Mervyn's. The outparcel can be released from the lien of the loan subject to the satisfaction of certain conditions. In-line comparable tenant sales for calendar year 2010 were $399 per square foot, a 3% increase over calendar year 2009 sales of $386 per square foot. The fixed-rate loan amortizes on a 30-year schedule and matures in April 2015. Total debt includes a mezzanine loan with an outstanding principal balance of approximately $27.3 million. Moody's LTV for the trust debt is 62%, compared to 64% at securitization. Moody's current credit estimate is Baa1, compared to Baa2 at securitization.

The Four New York Plaza Loan ($72.6 million -- 24%) is secured by a 1.0 million square foot Class B office building located in the Downtown Manhattan Financial District at Water and Broad Streets. Since securitization The New York Daily News signed a 17-year lease for 107,254 square feet that commenced in November 2010. The New York Daily News lease increased the building's occupancy to 85% from 75% at securitization. JP Morgan Chase leases 75% of the building through 2025. However, it has the right to give back up to two floors to the loan sponsor between 2018 and 2022. The fixed-rate loan is interest only for the entire loan term. The loan matures in February 2015. The whole loan in the amount of $77.0 million includes a $4.4 million junior non-trust component. Moody's LTV is 66%, the same as securitization. Moody's credit estimate is Baa2, the same as at securitization.

The CCPT Retail Portfolio III Loan ($63.7 million -- 21%) is secured by 53 retail properties containing a total of 827,316 net rentable square feet (NRA). All of the properties are cross-collateralized and cross-defaulted and each is 100% leased by a single tenant. There are only eight tenants occupying the properties and no tenant leases expire during the loan term. The largest tenant is Aaron's (29% of NRA in 24 properties), followed by Walgreen (14% in eight properties) and Academy Sports (31% in 3 properties). The portfolio is located across 20 states with 77% of NRA located in five states -- Texas (48%), Louisiana (15%), Indiana (6%), Nebraska (4%) and Illinois (4%). Lease expiration dates range from 2022 to 2035. The fixed-rate loan amortizes on a 30-year schedule and matures in April 2015. Total debt includes a mezzanine loan with an outstanding principal balance of approximately $10.0 million. The loan sponsor is Cole Credit Property Trust, Inc. Moody's LTV for the trust debt is 65%, compared to 66% at securitization. Moody's credit estimate is Baa2, the same as at securitization.

New York
Jay Rosen
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 Six CMBS Classes of RBS Commercial Funding 2010-MB1
No Related Data.
© 2021 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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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.

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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 JPY125,000 to approximately JPY550,000,000.

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

​
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