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Rating Action:

Moody's Affirms Two, Upgrades Eight and Downgrades One CMBS Class of LBUBS 2003-C8

29 Aug 2013

Approximately $146.3 Million of Structured Securities Affected

New York, August 29, 2013 -- Moody's Investors Service affirms the ratings of two classes, upgrades eight classes and downgrades one class of LB UBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-C8 as follows:

Cl. D, Affirmed Aaa (sf); previously on Sep 29, 2011 Upgraded to Aaa (sf)

Cl. E, Upgraded to Aaa (sf); previously on Sep 29, 2011 Upgraded to Aa2 (sf)

Cl. F, Upgraded to Aaa (sf); previously on Mar 26, 2008 Upgraded to A1 (sf)

Cl. G, Upgraded to Aaa (sf); previously on Dec 4, 2003 Definitive Rating Assigned A3 (sf)

Cl. H, Upgraded to Aaa (sf); previously on Dec 4, 2003 Definitive Rating Assigned Baa1 (sf)

Cl. J, Upgraded to Aa1 (sf); previously on Dec 4, 2003 Definitive Rating Assigned Baa2 (sf)

Cl. K, Upgraded to Aa3 (sf); previously on Feb 16, 2011 Downgraded to Ba1 (sf)

Cl. L, Upgraded to A3 (sf); previously on Sep 21, 2012 Downgraded to B1 (sf)

Cl. M, Upgraded to B1 (sf); previously on Sep 21, 2012 Downgraded to B3 (sf)

Cl. N, Affirmed Caa2 (sf); previously on Sep 21, 2012 Downgraded to Caa2 (sf)

Cl. X-CL, Downgraded to Caa1 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf)

RATINGS RATIONALE

The affirmation of the one investment grade P&I class is due to key parameters, including Moody's loan to value (LTV) ratio, Moody's stressed DSCR and the Herfindahl Index (Herf), remaining within acceptable ranges. Based on our current base expected loss, the credit enhancement level for the affirmed class is sufficient to maintain their current ratings. The affirmation of the one below investment grade P&I class is due to the rating being consistent with Moody's expected losses.

The upgrades of eight P&I classes are due to increased credit support due to amortization and payoffs as well as anticipated paydowns from defeased loans and other loans approaching maturity that are well positioned for refinance. The pool has paid down by 82% since Moody's last review. Virtually the entire pool matures within the next six month, including eight defeased loans, representing $77.1 million. Classes D through H are completely covered by defeased loans that mature in 2013.

The interest-only class, Class X-CL, is downgraded based on the weighted average rating factor (WARF) of its referenced classes incorporating the expected pay downs of $77.1 million of defeased loans and other loans well positioned for refinancing.

Depending on the timing of loan payoffs and the severity and timing of losses from specially serviced loans, the credit enhancement level for rated classes could decline below the current levels. If future performance materially declines, the expected level of credit enhancement and the priority in the cash flow waterfall may be insufficient for the current ratings of these classes.

Moody's rating action reflects a base expected loss of 7.2% of the current balance compared to 3.2% at last review. Although the percentage has increased from last review, the dollar amount has actually decreased significantly from $25.3 million to $10.5 million. Moody's base expected plus cumulative realized losses is now 1.8% of the original, securitized pool compared to 2.8% at last review. Moody's provides a current list of base losses for conduit and fusion CMBS transactions on moodys.com at http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

The methodologies used in this rating were "Moody's Approach to Rating U.S. CMBS Conduit Transactions" published in September 2000 and "Moody's Approach to Rating CMBS Large Loan/Single Borrower Transactions" published in July 2000. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's review incorporated the use of the excel-based CMBS Conduit Model v 2.62 which is used for both conduit and fusion transactions. Conduit model results at the Aa2 (sf) level are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate used by Moody's to estimate Moody's value). Conduit model results at the B2 (sf) level are driven by a paydown analysis based on the individual loan level Moody's LTV ratio. Moody's Herfindahl score (Herf), a measure of loan level diversity, is a primary determinant of pool level diversity and has a greater impact on senior certificates. Other concentrations and correlations may be considered in our analysis. Based on the model pooled credit enhancement levels at Aa2 (sf) and B2 (sf), the remaining conduit classes are either interpolated between these two data points or determined based on a multiple or ratio of either of these two data points. For fusion deals, the credit enhancement for loans with investment-grade credit assessments is melded with the conduit model credit enhancement into an overall model result. Fusion loan credit enhancement is based on the credit assessment of the loan which corresponds to a range of credit enhancement levels. Actual fusion credit enhancement levels are selected based on loan level diversity, pool leverage and other concentrations and correlations within the pool. Negative pooling, or adding credit enhancement at the credit assessment level, is incorporated for loans with similar credit assessments in the same transaction.

Moody's uses a variation of Herf to measure diversity of loan size, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 8 compared to 13 at last review.

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 a review utilizing MOST® (Moody's Surveillance Trends) Reports and a proprietary program that highlights significant credit changes that have occurred in the last month as well as cumulative changes since the last full transaction review. On a periodic basis, Moody's also performs a full transaction review that involves a rating committee and a press release. Moody's prior transaction review is summarized in a press release dated September 21, 2012. 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 August 16, 2013 distribution date, the transaction's aggregate certificate balance has decreased by 90% to $146.3 million from $1.4 billion at securitization. The Certificates are collateralized by 23 mortgage loans ranging in size from less than 1% to 20% of the pool. Nine loans representing 57% have defeased and are secured by U.S. Government securities.

Four loans, representing 12% of the pool, are on the master servicer's watchlist. The watchlist includes loans which meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of our ongoing monitoring of a transaction, Moody's reviews the watchlist to assess which loans have material issues that could impact performance.

Fifteen loans have been liquidated from the pool, resulting in an aggregate realized loss of $14.5 million (21% loss severity overall). Currently five loans, representing 10% of the pool, are in special servicing. The largest specially serviced loan is the PGA Commons Loan ($6.5 million -- 4% of the pool). The loan is secured by a retail and office property located in Palm Beach Gardens, Florida. The property was 21% leased as of July 2013 and was deemed non-recoverable by the Master Servicer on June 4, 2013.

The second largest specially serviced loan is the Centerpoint Shopping Center Loan ($3.6 million—2% of the pool), which is secured by an anchored retail shopping center located in Waco, Texas. The loan transferred to special servicing due maturity default.

The third largest specially serviced loan is the Summergate Shopping Center Loan ($2.3 million -- 2% of the pool), which is secured by a retail center located in the Las Vergas Valley. The property is currently 79% leased as of December 2012. The loan transferred to special servicing on December 24, 2012 for payment default and the lender is dual tracking foreclosure and receivership.

The remaining specially serviced loans are represented by a mix of property types. Moody's has estimated an aggregate $9.7 million loss (64% expected loss on average) for the specially serviced loans.

Moody's was provided with full year 2012 and partial year 2013 operating results for 89% and 80% of the performing pool respectively. Excluding specially serviced and troubled loans, Moody's weighted average LTV is 75% compared to 84% at last review. Moody's net cash flow reflects a weighted average haircut of 11% to the most recently available net operating income. Moody's value reflects a weighted average capitalization rate of 9.5%.

Excluding specially serviced and troubled loans, Moody's actual and stressed DSCRs are 1.50X and 1.41X, respectively, compared to 1.36X and 1.21X at last review. Moody's actual DSCR is based on Moody's net cash flow (NCF) and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed rate applied to the loan balance.

The top three performing conduit loans represent 22% of the pool. The largest conduit loan is the One Sound Shore Drive Loan ($13.6 million -- 9% of the pool), which is secured by a suburban office building located in Greenwich, Connecticut. The property was 97% leased as of June 2013, the same as at last review. Performance has improved since last review. Moody's LTV and stressed DSCR are 85% and 1.24X, respectively, compared to 101% and 1.04X at last review.

The second largest conduit loan is the Jeffrey Plaza Loan ($11.8 million -- 8% of the pool), which is secured by a retail center located in Chicago, Illinois that is anchored by Dominick's grocery store. The loan is on the watchlist for an upcoming maturity date of September 11, 2013. Per the servicer, it is expected to pay off by maturity. Moody's LTV and stressed DSCR are 73% and 1.41X, respectively, compared to 95% and 1.08X at last review.

The third largest conduit loan is the 43 Avenue C Loan ($6.4 million -- 4% of the pool), which is secured by a 28-unit multifamily property located in New York City. Per the servicer, this loan is expected to pay off by September 11, 2013. Moody's LTV and stressed DSCR are 78% and 1.15X, respectively, compared to 80% and 1.13X at last review.

REGULATORY DISCLOSURES

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

In conducting surveillance of this credit, Moody's considered performance data contained in servicer and remittance reports. Moody's obtains servicer reports on this transaction on a periodic basis, at least annually.

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

Dana Baranaskas
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

Michael Gerdes
MD - Structured Finance
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

Moody's Affirms Two, Upgrades Eight and Downgrades One CMBS Class of LBUBS 2003-C8
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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