Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's Confirms One, Affirms Seven and Downgrades 14 CMBS Classes of JPMCC 2004-CIBC10

19 Nov 2009

Approximately $1.67 Billion of Structured Securities Affected

New York, November 19, 2009 -- Moody's Investors Service (Moody's) confirmed the rating of one class, affirmed seven classes and downgraded fourteen classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-CIBC10. The downgrades are due to higher expected losses for the pool resulting from anticipated losses from loans in special servicing, increased credit quality dispersion and concerns about refinancing risk associated with loans approaching maturity in an adverse environment. Five loans, representing 10% of the pool, mature within the next 24 months and have a Moody's stressed debt service below 1.00X.

The confirmation and the affirmations are primarily due to key rating parameters, including Moody's loan to value (LTV) ratio, stressed debt service coverage ratio (DSCR) and the Herfindahl Index (Herf), remaining within acceptable ranges. The transaction also benefits from increased credit subordination due to loan payoffs and amortization as well as increased defeasance. Approximately 19% of the pool has defeased compared to 3% at last review.

On October 29, 2009, Moody's placed 14 classes on review for possible downgrade due to higher than expected losses for the pool due to losses from the loans in special servicing and loans with near-term refinancing risk. On November 17, 2009, Moody's placed the junior Aaa-rated class (Class A-J) on review for possible downgrade because anticipated losses were higher than originally projected. Based on additional information about the specially serviced loans, Moody's is confirming the rating of Class A-J. The action concludes the review of the transaction. The rating action is the result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions.

As of the November 13, 2009 distribution date, the transaction's aggregate certificate balance has decreased by approximately 14% to $1.69 billion from $1.96 billion at securitization. The Certificates are collateralized by 194 mortgage loans ranging in size from less than 1% to 5% of the pool, with the top ten loans representing 27% of the pool. Twenty one loans, including two loans that previously had underlying ratings, have defeased and are collateralized with U.S. Government securities. The defeased loans represent 19% of the pool.

Fifty loans, representing 20% 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 Commercial Mortgage Securities Association's (CMSA) 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. Not all loans on the watchlist are delinquent or have significant issues.

The pool has not experienced any losses to date. Currently, there are eight loans in special servicing, representing 10% of the pool. The largest specially serviced loan is the Continental Plaza Loan ($88.0 million -- 5% of the pool), which is the largest loan in the pool. The loan is secured by three Class A/B+ office buildings and a single-story retail building, totaling 640,000 square feet, located along Route 4 in Hackensack, New Jersey. The loan was transferred to special servicing April 2009 for imminent default when the borrower indicated that would not be able to pay off the loan balance by the September 2009 maturity date. The properties were 74% occupied as of September 2009 compared to 81% at last review and 91% at securitization.

The second largest specially serviced loan is the ABB Building Loan ($50.0 million -- 3% of the pool); the pool's second largest loan. The loan is secured by a build-to-suit 469,000 square foot Class A office building in the Westchase sub-market of Houston, Texas. The loan was transferred to special servicing in October 2009 for imminent default. The property is 100% occupied by ABB, Inc., whose lease expires in December 2009. ABB plans to vacate the premise at its lease expiration. The loan matures in November 2009.

For the remaining six specially serviced loans, three loans are real estate owned (REO) or in the process of foreclosure, one loan is 60+ days delinquent and two loans are 90+ days delinquent. Moody's estimates an aggregate $47.2 million loss (29% loss severity on average) from the specially serviced loans.

Moody's was provided with full-year 2008 and partial-year 2009 operating results for 98% and 58% of the pool, respectively. Moody's weighted average LTV ratio, excluding the specially serviced loans, is 93%, essentially the same as at last review. Although the overall pool LTV has remained stable, the pool has experienced increased credit quality dispersion. Based on Moody's analysis, 37% of the pool has a LTV ratio in excess of 100% compared to 32% at last review. Additionally, 8% of the pool has a LTV ratio in excess of 120% compared to 2% at last review.

Moody's stressed DSCR is 1.34X compared to 1.45X at last review. Moody's stressed DSCR is based on Moody's net cash flow (NCF) and a 9.25% stressed rate applied to the loan balance.

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 the risk of multiple-notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool, excluding defeased loans, has a Herf of 68 compared to 87 at last review.

The three largest performing loans represent 6% of the pool. The largest conduit loan is Walden Pond at East Moriches Loan ($36.4 million -- 2% of the pool), which is secured by a 324-unit, luxury garden-style apartment complex constructed in 2004 in East Moriches (Suffolk County), New York. The property was 94% occupied as of March 2009 compared to 96% at last review and 83% at securitization. The property has achieved a stabilized occupancy and the loan is benefiting from amortization. The loan has amortized 4% since last review. Moody's LTV and stressed DSCR are 103% and 0.89X, respectively, compared to 117% and 0.79X at last review.

The second largest performing loan is the Sherman Town Center Loan ($36.3 million -- 2% of the pool), which is secured by a 285,000 square foot anchored retailing shopping center located in Sherman, Texas. The center is part of a larger 678,000 square foot retail center. The center is anchored by Target, Home Depot and Wal-Mart. The collateral's main tenants are Hobby Land (23% of NRA; lease expiration 4/2019), Cinemark Theaters (14% of NRA; lease expiration 12/2023) and Ross Dress for Less (11% of NRA; lease expiration 1/2015). The in-line mall shops have maintained a 100% occupancy rate since securitization. Although occupancy has been stable, performance has been impacted by increased operating expenses which have increased by approximately 17% since 2005. The increased expenses have been partially offset by amortization. The loan has amortized 5% since last review. Moody's LTV and stressed DSCR are 99% and 0.98X, respectively, compared to 103% and 0.92X at last review.

The third largest performing loan is the Fountain Square Loan ($34.8 million -- 2% of the pool), which is secured by three office buildings in Boca Raton, Florida. The buildings total 242,100 square feet. The properties were 80% occupied as of March 2009, the same as at last review. Performance has been impacted by increased operating expenses. Moody's LTV and stressed DSCR is 110% and 0.88X, respectively, compared to 103% and 0.80X at last review.

Moody's rating action is as follows:

-Class A-3, $180,191,853, affirmed at Aaa; previously on 12/07/2004 assigned at Aaa

-Class A-4, $180,896,000, affirmed at Aaa; previously on 12/07/2004 assigned at Aaa

-Class A-5, $174,874,000, affirmed at Aaa; previously on 12/07/2004 assigned at Aaa

-Class A-6, $384,868,000, affirmed at Aaa; previously on 12/07/2004 assigned at Aaa

-Class A-1A, $380,953,235, affirmed at Aaa; previously on 12/07/2004 assigned at Aaa

-Class X-1, Notional, affirmed at Aaa; previously on 12/07/2004 assigned at Aaa

-Class X-2, Notional, affirmed at Aaa; previously on 12/07/2004 assigned at Aaa

-Class A-J, $117,739,000, confirmed at Aaa; previously on 11/17/2009 Aaa Placed Under Review for Possible Downgrade

-Class B, $61,323,000, downgraded toAa3; previously on 10/29/2009 Aa2 Placed Under Review for Possible Downgrade

-Class C, $17,170,000, downgraded to A1; previously on 10/29/2009 Aa3 Placed Under Review for Possible Downgrade

-Class D, $14,717,000, downgraded to A2; previously on 10/29/2009 A1 Placed Under Review for Possible Downgrade

-Class E, $17,171,000, downgraded to A3; previously on 10/29/2009 A2 Placed Under Review for Possible Downgrade

-Class F, $22,076,000, downgraded to Baa2; previously on 10/29/2009 A3 Placed Under Review for Possible Downgrade

-Class G, $26,982,000, downgraded to Ba1; previously on 10/29/2009 Baa1 Placed Under Review for Possible Downgrade

-Class H, $22,076,000, downgraded to Ba3; previously on 10/29/2009 Baa2 Placed Under Review for Possible Downgrade;

-Class J, $26,982,000, downgraded to B3; previously on 10/29/2009 Baa3 Placed Under Review for Possible Downgrade

-Class K, $4,905,000, downgraded to Caa1; previously on 10/29/2009 Ba1 Placed Under Review for Possible Downgrade

-Class L, $7,359,000, downgraded to Caa3; previously on 10/29/2009 Ba2 Placed Under Review for Possible Downgrade

-Class M, $12,265,000, downgraded to Ca; previously on 10/29/2009 Ba3 Placed Under Review for Possible Downgrade

-Class N, $4,905,000, downgraded to C; previously on 10/29/2009 B1 Placed Under Review for Possible Downgrade

-Class P, $7,359,000, downgraded to C; previously on 10/29/2009 B2 Placed Under Review for Possible Downgrade

-Class Q, $2,453,000, downgraded to C; previously on 10/29/2009 B Placed Under Review for Possible Downgrade

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 1, 2007.

The principal methodology used in monitoring this transaction: "CMBS: Moody's Approach to U.S. Conduit Transactions", published on September 15, 2000, which is 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.

New York
Sandra Ruffin
VP - Senior Credit Officer
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 Confirms One, Affirms Seven and Downgrades 14 CMBS Classes of JPMCC 2004-CIBC10
No Related Data.
© 2020 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 INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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 $2,700,000. 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 JPY250,000,000.

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

​​​​​​​​
Moodys.com