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 Downgrades 11 CMBS Classes of CSFB 2007-TFL1

30 Jun 2010

Approximately $1.2 Billion of Structured Securities Affected

New York, June 30, 2010 -- Moody's Investors Service ("Moody's") downgraded 11 classes of Credit Suisse First Boston Mortgage Securities Corp. Commercial Pass Through Certificates, Series 2007-TFL1. The downgrades were due to the deterioration in the overall performance of the assets in the trust, the significant concentration of loans secured by hotel properties and refinancing risk associated with loans approaching maturity in an adverse environment. Approximately 48% of the loans by pooled balance have final extended maturity dates in 2011. Moody's also affirmed three pooled classes. The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions.

As of the June 15, 2010 payment date, the transaction's certificate balance decreased by approximately 9% to $1.2 billion from $1.3 billion at securitization due to the payoff of two loans initially in the pool and partial pay downs associated with two additional loans. The certificates are collateralized by nine floating-rate loans. The largest three loans account for 51% of the pooled balance. The pool composition includes hotel properties (66% of the pooled balance), one mixed-use property consisting of both office and retail space (20%), and office properties (14%).

There is currently one loan in special servicing, the SLS at Beverly Hills Loan ($64.2 million - 6% of the pooled balance), secured by a 297-room hotel located in Beverly Hills, California. The whole mortgage loan includes a non-trust junior component with a current balance of approximately $40.4 million. There is also mezzanine debt of approximately $22.9 million. The property was closed in 2007 and most of 2008 while it was being renovated as part of its re-positioning to a luxury boutique hotel under the SLS brand. The renovations, which at securitization were scheduled to be completed in 2007, were not completed until 2008. The hotel did not generate cash flow during the construction period and the loan was transferred to special servicing in October 2009, when it failed to qualify for the second of three 12-month loan extension options. A loan modification was completed in February 2010 extending the maturity date to February 2013. Modification terms also included a $9.5 million pay down of the mortgage loan with an additional $4.0 million loan pay down to take place prior to February 2011. The loan sponsor is SBE Hotel Group, the hospitality division of SBE Entertainment Group of which Sam Nazarian is the CEO. Net cash flow, after reserves for furniture fixture and equipment ("FF&E"), was negative in calendar year 2009 as the hotel continues to ramp-up after its reopening.

The property was appraised in November 2009 for $116 million or $400,673/key. Loan payments are current through June 2010 and the loan is expected to be returned to the master servicer within two months.

Moody's weighted average loan to value ("LTV") ratio for the pool is 90%, compared to 70% at Moody's last full review in October 2008. Moody's debt service coverage (DSCR) is 1.25x, compared to 1.51X at last full review.

The largest five remaining loans in the transaction include:

The Manhattan Mall Loan ($232.0 million -- 20%), the largest loan in the pool, is secured by a 13-story, 1.1 million square foot mixed-use property consisting of approximately 815,000 square feet of office space, 244,000 square feet of retail space and 20,000 SF of storage. The property is located on Sixth Avenue between West 32rd and 33rd Streets in New York, NY. The retail space is anchored by a 154,038 square foot JC Penney store that opened in July 2009. The JC Penney store in Manhattan Mall is JC Penney's only Manhattan location. The lease has a 20-year term, expiring in 2029. As of April 2010 the office component was approximately 93% leased, compared to 95% at securitization, and the retail component was 92% leased, compared to 94% at securitization. The largest office tenants include Interpublic Group and Bank of America N.A. who occupy 37% and 17% of the office space, respectively. The three largest retail tenants after JC Penney are Strawberry (5%), Charlotte Russe (4.3%) and Vertical Club (3.8%). The interest-only loan matures in February 2011 with one remaining 12-month extension option. The loan sponsor is Vornado Realty L.P. Moody's LTV ratio and underlying rating for the pooled debt are 72% and Baa1, respectively, compared to 62% and A1 at Moody's last full review.

The Park Central Hotel Loan ($203.0 million -- 18%), the second largest loan, is secured by a single hotel condominium unit containing a 934-guestroom full-service hotel within a larger 33-story condominium parcel that consists primarily of time share units. The property is located on Seventh Avenue, between West 55th and 56th Streets in New York, NY. Revenue per available room ("RevPAR") for the trailing 12-month period ending in March 2010 was $167, compared to $241 at last full review. The interest-only loan matures in November 2010 with one remaining 12-month extension option. The $407.0 million mortgage loan includes a $204.0 million non-trust junior component and there is additional mezzanine financing in the amount of $58.0 million. The loan sponsors are Whitehall Street Global Real Estate L.P. 2001 and Devon (DE) Capital LLC. Moody's LTV ratio and underlying rating for the pooled debt are 85% and B1, respectively, compared to 66% and Baa3 at Moody's last full review.

The JW Marriott Las Vegas Resort & Spa Loan ($150.0 million -- 13%), the third largest loan, is secured by a 548-guestroom full-service hotel that was constructed in 1999 and renovated in 2006. The hotel is located in Summerlin (Las Vegas), Nevada. Amenities include a spa, five restaurants and a casino. RevPAR for the trailing 12-month period ending in February 2010 was $81, compared to $136 at Moody's last full review. Casino revenue, which in calendar year 2009 contributed approximately 18% to total revenue, compared to 20% at securitization, declined approximately 56% since securitization. The $160.0 mortgage loan includes a $10.0 million non-trust junior component. The interest-only mortgage loan matures in November 2010 with one remaining 12-month extension option. The loan sponsor is Hotspur Resorts Nevada, Inc. Moody's LTV ratio and underlying rating for the pooled debt are 116% and Caa3, respectively, compared to 84% and B2 at Moody's last full review.

The Doubletree Guest Suites Times Square Loan ($140.0 million -- 12%), the fourth largest loan, is secured by a 460-guestroom all-suite full-service hotel located on Broadway at 47th Street, New York, NY. The property is partially operated subject to air rights and ground lease encumbrances which expire in 2037. The leases have three, 30-year extension options and are fully financeable. RevPAR for the trailing 12-month period ending in March 2010 was $267, compared to $336 at Moody's last full review. The interest-only loan matures in January 2011, with one 12-month extension option remaining. There is also $130.0 million in mezzanine debt. The loan sponsor is Whitehall Street Global Real Estate L.P. Moody's LTV ratio and underlying rating for the pooled debt are 94% and B1, respectively, compared to 67% and Baa2 at Moody's last full review.

The Hines Portfolio Loan ($125.0 million -- 11%), the fifth largest loan, is secured by 44 cross-collateralized and cross-defaulted office/R&D buildings located primarily in San Jose and vicinity with a total of 1.6 million square feet . As of March 2010, the portfolio was approximately 73% leased, compared to 74% at Moody's last full review and 75% at securitization. However, the largest tenant, Mentor Graphics, that leases approximately 208,433 square feet (13% of total net rentable area) will vacate upon lease expiration in September 2010, reducing portfolio occupancy to 40%. The asking rent for the Mentor Graphics space is significantly lower than the current in-place rent. CB Richard Ellis indicates a 1st Quarter 2010 office vacancy rate for the overall San Jose market of approximately 24% with a 17% decline in rents projected through 2011. The market vacancy rate for R&D space is approximately 18% with a 6% decline in rent projected in 2010. The interest-only loan matures in November 2010, with one 12-month extension option remaining. The $270.0 million mortgage loan includes a $145.0 million non-trust junior component. The loan sponsor is Hines Interests Limited Partnership. Moody's LTV ratio and underlying rating for the pooled debt are 96% and Caa1, respectively, compared to 75% and Ba1 at Moody's last full review.

Moody's rating action is as follows:

-Class A-1, $604,687,397, affirmed at Aaa; previously on April 3, 2007 assigned Aaa

-Class A-X-1, Notional Balance, affirmed at Aaa; previously on April 3, 2007 assigned Aaa

-Class A-X-2, Notional Balance, affirmed at Aaa; previously on April 3, 2007 assigned Aaa

-Class A-2, $239,800,000, downgraded to A2 from Aa2; previously on March 19, 2009 downgraded to Aa2 from Aaa

-Class B, $40,200,000, downgraded to Baa2 from A2; previously on March 19, 2009 downgraded to A2 from Aa1

-Class C, $38,000,000, downgraded to Baa3 from A3; previously on March 19, 2009 downgraded to A3 from Aa2

-Class D, $25,700,000, downgraded to Ba1 from Baa1; previously on March 19, 2009 downgraded to Baa1 from Aa3

-Class E, $25,300,000, downgraded to Ba2 from Baa2; previously on March 19, 2009 downgraded to Baa2 from A1

-Class F, $28,500,000, downgraded to Ba3 from Baa3; previously on March 19, 2009 downgraded to Baa3 from A2

-Class G, $26,500,000, downgraded to B1 from Ba1; previously on March 19, 2009 downgraded to Ba1 from A3

-Class H, $27,300,000, downgraded to B3 from Ba3; previously on March 19, 2009 downgraded to Ba3 from Baa2

-Class J, $26,700,000, downgraded to Caa1 from B1; previously on March 19, 2009 downgraded to B1 from Baa3

-Class K, $36,600,000, downgraded to Caa2 from B2; previously on March 19, 2009 downgraded to B2 from Ba2

-Class L, $31,700,000, downgraded to Caa3 from Caa1; previously on March 19, 2009 downgraded to Caa1 from B2

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 19, 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

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
Andrea M. Daniels
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Downgrades 11 CMBS Classes of CSFB 2007-TFL1
No Related Data.
© 2018 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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 AND MOODY’S 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 OR MOODY’S 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.

CREDIT RATINGS AND MOODY’S 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 the Moody’s 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 SUCH RATING OR 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 rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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 rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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