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Rating Action:

Moody's Downgrades 19 CMBS Classes of COMM 2007-FL14

09 Dec 2010

Approximately $910 Million of Structured Securities Affected

New York, December 09, 2010 -- Moody's Investors Service (Moody's) downgraded the ratings of 19 classes, including ten pooled classes and nine non-pooled, or rake, classes, affirmed the ratings of 11 classes, including six pooled classes and five non-pooled classes, and confirmed the ratings of three rake classes of COMM 2007-FL14 Commercial Pass-Through Certificates, Series 1007-FL14 as follows:

Cl. A-1, Affirmed at Aaa (sf); previously on May 24, 2007 Definitive Rating Assigned Aaa (sf)

Cl. X-2, Affirmed at Aaa (sf); previously on May 24, 2007 Definitive Rating Assigned Aaa (sf)

Cl. X-3-DB, Affirmed at Aaa (sf); previously on May 24, 2007 Definitive Rating Assigned Aaa (sf)

Cl. X-3-SG, Affirmed at Aaa (sf); previously on May 24, 2007 Definitive Rating Assigned Aaa (sf)

Cl. X-5-DB, Affirmed at Aaa (sf); previously on May 24, 2007 Definitive Rating Assigned Aaa (sf)

Cl. X-5-SG, Affirmed at Aaa (sf); previously on May 24, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-J, Downgraded to Aa3 (sf); previously on Oct 28, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to A2 (sf); previously on Oct 28, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. C, Downgraded to Baa1 (sf); previously on Oct 28, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. D, Downgraded to Baa3 (sf); previously on Oct 28, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. E, Downgraded to Ba2 (sf); previously on Oct 28, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. F, Downgraded to B1 (sf); previously on Oct 28, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. G, Downgraded to B2 (sf); previously on Oct 28, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. H, Downgraded to B3 (sf); previously on Oct 28, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. J, Downgraded to Caa1 (sf); previously on Oct 28, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. K, Downgraded to Caa2 (sf); previously on Oct 28, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. GLB1, Downgraded to B1 (sf); previously on Oct 28, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. GLB2, Downgraded to B2 (sf); previously on Oct 28, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. GLB4, Downgraded to Caa1 (sf); previously on Oct 28, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. AOA1, Confirmed at Ba3 (sf); previously on Oct 28, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. AOA2, Confirmed at B2 (sf); previously on Oct 28, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. AOA4, Confirmed at Caa1 (sf); previously on Oct 28, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. PG1, Affirmed at Ba1 (sf); previously on Feb 24, 2009 Downgraded to Ba1 (sf)

Cl. PG2, Affirmed at Ba2 (sf); previously on Feb 24, 2009 Downgraded to Ba2 (sf)

Cl. PG3, Affirmed at Ba3 (sf); previously on Feb 24, 2009 Downgraded to Ba3 (sf)

Cl. PG4, Affirmed at B1 (sf); previously on Feb 24, 2009 Downgraded to B1 (sf)

Cl. PH1, Downgraded to B1 (sf); previously on Oct 28, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. PH2, Downgraded to B2 (sf); previously on Oct 28, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. PH3, Downgraded to B3 (sf); previously on Oct 28, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. CA1, Downgraded to B3 (sf); previously on Oct 28, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. CA2, Downgraded to Caa1 (sf); previously on Oct 28, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. CA3, Downgraded to Caa2 (sf); previously on Oct 28, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. SA1, Affirmed at Ba3 (sf); previously on Feb 24, 2009 Downgraded to Ba3 (sf)

RATINGS RATIONALE

The downgrades of the pooled classes were due to the deterioration in the performance of the majority of the assets in the trust. The downgrades of the rake classes were due to the deterioration in performance of the MSREF/Glenborough Portfolio Loan, the San Francisco Parc 55 Loan and the CARR California Portfolio Loan. The affirmations and confirmation were due to key parameters, including Moody's loan to value (LTV) ratio remaining within an acceptable range. Moody's placed 22 classes on review for possible downgrade on October 28, 2010. This action concludes Moody's review.

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 current 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 stressed macroeconomic environment and continuing weakness in the commercial real estate and lending markets. Moody's currently views the commercial real estate market as stressed with further performance declines expected in the industrial, office, and retail sectors. Hotel performance has begun to rebound, albeit off a very weak base. Multifamily has also begun to rebound reflecting an improved supply / demand relationship. The availability of debt capital is improving with terms returning towards market norms. Job growth and housing price stability will be necessary precursors to commercial real estate recovery. Overall, Moody's central global scenario remains "hook-shaped" for 2010 and 2011; we expect overall a sluggish recovery in most of the world's largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

The principal methodology used in these ratings was "CMBS: Moody's Approach to Rating Large Loan/Single Borrower Transactions" published in July 2000.

In addition to methodologies and research available on moodys.com, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users on our website, at www.moody.com/SFDQuickCheck.

Moody's review incorporated the use of the excel-based CMBS Large Loan Model v 8.0 which is used for both large loan and single borrower transactions. 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. The model also incorporates a supplementary tool to allow for the testing of the credit support at various rating levels. The scenario or "blow-up" analysis tests the credit support for a rating assuming that loans in the pool default with an average loss severity that is commensurate with the rating level being tested. 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.

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 press release dated February 24, 2009. 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 November 15, 2010 Payment Date, the transaction's aggregate certificate balance has decreased by 55% to $1.1 billion from $2.5 billion at securitization. The certificates are collateralized by ten mortgage loans ranging in size 36% to 3%, with the top two loans representing 55% of the pool.

Moody's weighted average pooled loan to value (LTV) ratio is 84%, compared to 76% at last review. Moody's stressed debt service coverage ratio (DSCR) is 1.21x, compared to 1.38x at last review.

There are currently no loans in special servicing. The pool has incurred $3,410 in cumulative bond losses, affecting Class K.

The MSREF/Glenborough Portfolio Loan ($343.7 million -- 36% of the pooled balance) is secured by 16 class A and B office buildings with a total of 2.9 million square feet, located in five states, California, Virginia, Colorado, Nevada and Florida. The properties range in size from 79,690 square feet to 301,357 square feet, with an average size of 179,096 square feet. Since securitization four properties, totaling 432,388 square feet, were released from the loan collateral. The $526.5 million whole loan includes non-pooled trust debt of $71.8 million, certificate Classes GLB1, GLB2, BLB3 and GLB4, and a $111.0 million non-trust junior component. The trust debt has paid down by 4.3% since securitization due to premiums paid for the release of collateral. There is also approximately $311 million in mezzanine debt. The loan sponsor is Morgan Stanley Real Estate Fund V (MSREF). The sponsor has posted a $15.0 million letter of credit that serves as an interest reserve.

As of March 2010 portfolio occupancy was approximately 88%, compared to 97% at securitization. Moody's LTV ratio for the pooled debt is 89%. Moody's credit estimate is Ba3, compared to Baa2 at last review.

The 1330 Avenue of the Americas Loan ($187.0 million -- 19.3%) is secured by a 456,800 square foot (net rentable area) Class A office building located in midtown Manhattan. The $240 million whole loan includes $54.0 million of non-pooled trust debt, certificate Classes AOA1, AOA2, AOA3 and AOA4. The property is currently approximately 75% leased. It is in lease-up after Otera Capital, a unit of Casse de depot et placement du Quebec foreclosed on its mezzanine interest. The two largest tenants, Pearson, LLC and Silvercrest Asset Management, account for 32% of total net rentable area and 57% of total base rent. Lease expirations for Pearson and Silvercrest Asset Management are in 2013 and 2017, respectively. A purchase contract was signed in November 2010 by RXR Realty to acquire 1330 Avenue of the Americas for approximately $400 million after the property was put out for bid. Moody's expects a sale of the property to be concluded in the near term.

San Francisco Parc 55 ($67.6 million -- 7%) is secured by a 1,009-unit Wynhdam hotel located in downtown San Francisco, California. Net Cash Flow after a furniture, fixture and replacement reserve (FF&E) declined 43% to $7.8 million in 2009 from $13.7 million in 2008. Revenue per available room (RevPAR) for the twelve month period ending March 2010 declined 3% to $122, from $126 during the same period in the previous year. The hotel has a RevPAR index of approximately 95. The $123.1 million whole loan includes $$14.4 million in non-pooled trust debt, certificate Classes PH1, PH2 and PH3, and a $42.1 million non-trust junior component. There is also $88.4 million in mezzanine debt. The loan sponsor is Rockpoint Group, L.L.C. and Highgate Holdings. Moody's LTV is 74%. Moody's credit estimate is Ba3, compared to Baa3 at last review.

The Carr California Portfolio Loan ($11.6 million -- 1.2%) is a 50% pari passu interest secured by two office properties located in Sunnyvale and Mountain View, California with total net rentable area of 300,128 square feet. At securitization the portfolio included a third property in San Diego. The $13.5 million whole loan includes $1.9 million in non-pooled trust, certificate Classes CA1, CA2 and CA3. There is also $18.2 million in mezzanine debt. The portfolio is currently approximately 43% leased. The largest tenant is Nokia, leasing 22% of total net rentable area with a lease expiration date of December 31, 2010. The loan sponsor is The Blackstone Group, BREP V. Moody's LTV is 86%. Moody's credit estimate is B2, compared to Ba3 at last review.

REGULATORY DISLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

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
Keith Banhazl
Vice President - Senior Analyst
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 Downgrades 19 CMBS Classes of COMM 2007-FL14
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.

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