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Rating Action:

Moody's Affirms Twelve Classes of COMM 2010-C1

13 Oct 2016

Approximately $328 Million of Structured Securities Affected

New York, October 13, 2016 -- Moody's Investors Service has affirmed the ratings on 12 classes in COMM 2010-C1 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2010-C1 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on Nov 24, 2015 Affirmed Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Nov 24, 2015 Affirmed Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Nov 24, 2015 Upgraded to Aaa (sf)

Cl. C, Affirmed Aa2 (sf); previously on Nov 24, 2015 Upgraded to Aa2 (sf)

Cl. D, Affirmed Baa1 (sf); previously on Nov 24, 2015 Upgraded to Baa1 (sf)

Cl. E, Affirmed Baa3 (sf); previously on Nov 24, 2015 Upgraded to Baa3 (sf)

Cl. F, Affirmed Ba2 (sf); previously on Nov 24, 2015 Upgraded to Ba2 (sf)

Cl. G, Affirmed B1 (sf); previously on Nov 24, 2015 Upgraded to B1 (sf)

Cl. XP-A, Affirmed Aaa (sf); previously on Nov 24, 2015 Affirmed Aaa (sf)

Cl. XS-A, Affirmed Aaa (sf); previously on Nov 24, 2015 Affirmed Aaa (sf)

Cl. XW-A, Affirmed Aaa (sf); previously on Nov 24, 2015 Affirmed Aaa (sf)

Cl. XW-B, Affirmed Ba3 (sf); previously on Nov 24, 2015 Affirmed Ba3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges.

The ratings on the IO classes were affirmed because the credit performance (or the weighted average rating factor or WARF) of the referenced classes are consistent with Moody's expectations.

Moody's rating action reflects a base expected loss of 0.1% of the current balance, compared to 0.6% at Moody's last review. Moody's base expected loss plus realized losses is now less than 0.1% of the original pooled balance, compared to 0.3% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in December 2014, and "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in October 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it uses for both conduit and fusion transactions. Credit enhancement levels for conduit loans are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate Moody's uses to estimate Moody's value). Moody's fuses the conduit results with the results of its analysis of investment grade structured credit assessed loans and any conduit loan that represents 10% or greater of the current pool balance.

Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 6, compared to 7 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large Loan Model and then reconciles and weights the results from the conduit and large loan models in formulating a rating recommendation. 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. Moody's also further adjusts these aggregated proceeds for any pooling benefits associated with loan level diversity and other concentrations and correlations.

DEAL PERFORMANCE

As of the September 10, 2016 distribution date, the transaction's aggregate certificate balance has decreased by 60% to $345 million from $857 million at securitization. The certificates are collateralized by 17 mortgage loans ranging in size from less than 1% to 33% of the pool, with the top ten loans constituting 92% of the pool.

Two loans, constituting 5% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

No loans have been liquidated from the pool. No loans are currently in special servicing.

Moody's received full year 2015 operating results for 100% of the pool, and full or partial year 2016 operating results for 100% of the pool. Moody's weighted average conduit LTV is 67%, compared to 73% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 12% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.0%.

Moody's actual and stressed conduit DSCRs are 1.73X and 1.50X, respectively, compared to 1.60X and 1.38X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 55% of the pool balance. The largest loan is the Fashion Outlets of Niagara Falls Loan ($112.7 million -- 32.7% of the pool), which is secured by a 525,663 square foot (SF) fashion outlet center located in Niagara, New York. The property is located approximately five miles east of the Niagara Falls and the Canadian Border. As of June 2016, the property was 91% leased compared to 89% in December 2014. Moody's LTV and stressed DSCR are 61% and 1.50X, respectively, compared to 72% and 1.28X at the last review.

The second largest loan is the Harrison Loan ($39.7 million -- 10.2% of the pool), which is secured by a retail property located in New York, New York constructed in 2009. The property contains approximately 90,000 SF of retail space. The property was 100% leased as of June 2016 and benefits from longer term leases. Moody's LTV and stressed DSCR are 74% and 1.21X, respectively, compared to 75% and 1.19X at the last review.

The third largest loan is the Auburn Mall Loan ($38.7 million -- 11.2% of the pool), which is secured by a portion of a 588,000 SF regional Simon mall located in Auburn, Massachusetts. The property was anchored by Sears and Macy's, though Macy's owns its improvements and is not included as part of the collateral. The collateral is 84% occupied as of March 2016 due to the closing of a Macy's Home Store in January 2016. Simon plans to demolish the space and build a 51,000 SF free-standing movie theater complex with twelve screens. Moody's LTV and stressed DSCR are 65% and 1.58X, respectively, compared to 66% and 1.55X at the last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Rhett Terrell
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Keith Banhazl
Associate Managing Director
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

No Related Data.
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