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Rating Action:

Moody's Downgrades Four and Affirms 14 CMBS Classes of MSC 2003-IQ6

13 Oct 2011

Approximately $806 Million of Structured Securities Affected

New York, October 13, 2011 -- Moody's Investors Service (Moody's) downgraded the ratings of four CMBS classes and affirmed 14 CMBS classes of Morgan Stanley Capital I Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-IQ6 as follows:

Cl. A-1A, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed at Aa1 (sf); previously on Mar 9, 2011 Confirmed at Aa1 (sf)

Cl. C, Affirmed at A1 (sf); previously on Jan 5, 2007 Upgraded to A1 (sf)

Cl. D, Affirmed at A3 (sf); previously on Dec 19, 2003 Definitive Rating Assigned A3 (sf)

Cl. E, Affirmed at Baa1 (sf); previously on Dec 19, 2003 Definitive Rating Assigned Baa1 (sf)

Cl. F, Affirmed at Baa2 (sf); previously on Dec 19, 2003 Definitive Rating Assigned Baa2 (sf)

Cl. G, Affirmed at Baa3 (sf); previously on Dec 19, 2003 Definitive Rating Assigned Baa3 (sf)

Cl. H, Downgraded to Ba2 (sf); previously on Dec 19, 2003 Definitive Rating Assigned Ba1 (sf)

Cl. J, Downgraded to B1 (sf); previously on Feb 3, 2011 Downgraded to Ba3 (sf)

Cl. K, Downgraded to B3 (sf); previously on Feb 3, 2011 Downgraded to B2 (sf)

Cl. L, Downgraded to Caa1 (sf); previously on Feb 3, 2011 Downgraded to B3 (sf)

Cl. M, Affirmed at Caa2 (sf); previously on Feb 3, 2011 Downgraded to Caa2 (sf)

Cl. N, Affirmed at Caa3 (sf); previously on Feb 3, 2011 Downgraded to Caa3 (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

Cl. X-2, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

Cl. X-Y, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

RATINGS RATIONALE

The downgrades are due to higher expected losses for the pool resulting from the uncertain timing of interest shortfalls and realized and anticipated losses from specially serviced and troubled loans.

The affirmations are due to key parameters, including Moody's loan to value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the Herfindahl Index (Herf), remaining within acceptable ranges. Based on our current base expected loss, the credit enhancement levels for the affirmed classes are sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of 1.8% of the current lower pool balance compared to 2.1% at last review. Moody's stressed scenario loss is 5.1% of the current balance compared to 5.2% at last review. Moody's provides a current list of base and stress scenario losses for conduit and fusion CMBS transactions on moodys.com at http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. Depending on the timing of loan payoffs and the severity and timing of losses from specially serviced loans, the credit enhancement level for investment grade 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.

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.

Primary sources of assumption uncertainty are the current sluggish macroeconomic environment and performance in the commercial real estate property markets. While commercial real estate property markets are gaining momentum, a consistent upward trend will not be evident until the volume of transactions increases, distressed properties are cleared from the pipeline and job creation rebounds. The hotel and multifamily sectors are continuing to show signs of recovery through the first half of 2011, while recovery in the non-core office and retail sectors are tied to the pace of recovery of the broader economy. Core office markets are showing signs of recovery through lending and leasing activity. The availability of debt capital continues to improve with terms returning toward market norms. Moody's central global macroeconomic scenario reflects an overall sluggish recovery as the most likely scenario through 2012, amidst ongoing individual, corporate and governmental deleveraging, persistent unemployment, and government budget considerations, however the downside risks to the outlook have risen since last quarter.

The principal methodology used in this rating was "Moody's Approach to Rating Fusion U.S CMBS Transactions" published in April 2005. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's review incorporated the use of the excel-based CMBS Conduit Model v 2.60 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 pay down 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 estimates is melded with the conduit model credit enhancement into an overall model result. Fusion loan credit enhancement is based on the underlying rating 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 underlying rating level, is incorporated for loans with similar credit estimates 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 21 compared to 25 at Moody's prior 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 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 3, 2011. 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 September 15, 2011 distribution date, the transaction's aggregate certificate balance has decreased by 19% to $807.1 million from $997.7 million at securitization and 4% since Moody's prior review in February 2011. The Certificates are collateralized by 164 mortgage loans ranging in size from less than 1% to 14% of the pool, with the top ten loans representing 45% of the pool. Twenty-two loans have defeased, representing 13% of the pool, and are collateralized by U.S. Government securities. There are seventy-six loans with credit estimates representing 36% of the pool. Loans secured by residential cooperative properties account for 69 of those loans with credit estimates and 13% of the total pool.

Thirteen loans, representing 3.2% 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.

Two loans have been liquidated from the pool, resulting in an aggregate realized loss of $9.0 million (44% loss severity overall) compared to no loans in prior reviews. Four loans, representing 1.1%% of the pool, are currently in special servicing. All four loans are secured by vacant Borders Book Stores ($9.0 million -- 1.1% of the pool) which are secured by four stores totaling 103,144 square feet (SF) located in Oklahoma City, Oklahoma, Omaha, Nebraska, Columbia, Maryland and Germantown, Maryland.. The crossed collateralized and cross defaulted loans were transferred to special servicing in February 2011 due to imminent monetary default and are now in foreclosure. The master service has not recognized any appraisal reductions against these four vacant former Borders Book Stores. Moody's has estimated an aggregate $4.0 million loss (45% expected loss on average) for all of the specially serviced loans.

Moody's has assumed a high default probability for two poorly performing loans representing 2% of the pool and has estimated a $3.7 million loss (20% expected loss based on a 50% probability default) from these troubled loans.

Excluding specially serviced and defeased loans, Moody's was provided with partial year 2011 operating results for 65% of the pool and full year 2010 operating results for 77% of the pool. Excluding specially serviced and troubled loans, Moody's weighted average LTV is 78% compared to 77% at Moody's prior review. Moody's net cash flow reflects a weighted average haircut of 14.0% to the most recently available net operating income. Moody's value reflects a weighted average capitalization rate of 9.0%.

Excluding specially serviced and troubled loans, Moody's actual and stressed DSCRs are 1.47X and 1.39X, respectively, compared to 1.49X and 1.38X 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 largest loan with a credit estimate is the Mall at Tuttle Crossing Loan ($111.1 million -- 13.8% of the pool), which is secured by a 380,953 square foot (SF) mall located in Columbus, Ohio. Anchor tenants include JC Penny, Sears and Macy's. The loan is sponsored by Simon Property Group. As of June 2011, the property was 90% leased the same as at last review. The mall's financial performance increased slightly between year-end 2009 and year-2010. Moody's credit estimate and stressed DSCR are A2 and 1.53X, respectively, compared to A2 and 1.52X at last review.

The second loan with a credit estimate is the WestShore Plaza Loan ($29.5 million -- 3.7% of the pool), which represents a 34% pari-passu interest in an $86.7 million loan. The loan is secured by a 1.1 million SF regional mall located in Tampa, Florida. As of June 2011, the property was 88% leased compared to 96% at last review. The loan is sponsored by a joint venture between Glimcher Properties and Blackstone. Financial performance increased between year-end 2009 and year-end 2010 and year-to-date financial figures for 2011 suggest stable cash flow achievement. Moody's credit estimate and stressed DSCR are A2 and 1.61X, respectively, the same as at last review.

The third loan with a credit estimate is the 3 Times Square Loan ($24.9 million -- 3.1% of the pool), which represents a 20.6% pari-passu interest in a $120.8 million A-note. The loan is collateralized by the sponsor's leasehold interest in an 883,405 SF class A office building located in the Time Square District of New York City. Major tenants include Reuters (79% of the net rentable area (NRA); lease expiration November 2021) and Bank of Montreal (12% of the NRA; lease expiration November 2021). The property is 99% leased, consistent with occupancy since securitization. The loan is sponsored by the Rudin Management Company and Reuters. The loan was structured with a 218-month amortization schedule and has amortized 4% since last review and 28% since securitization. The property is situated on a long-term ground lease with an unaffiliated third-party. Moody's credit estimate and stressed DSCR are Aaa and 3.18X, respectively, compared to Aaa and 3.25X at last review.

The fourth loan with a credit estimate is the Country Club Mall Loan ($17.5 million -- 2.2% of the pool), which is secured by a 392,139 SF mall located in Cumberland, Maryland. The mall is anchored by Sears (23% of the NRA; lease expiration October 2012), Bon-Ton (19% of the NRA; lease expiration January 2012) and JC Penny (18% of NRA; lease expiration March 2016). The absence of competing retail centers in the region offsets concerns about lease expirations. Moody's credit estimate and stressed DSCR are Baa2 and 1.83X, respectively, compared to Baa2 and 1.74X at last review.

A loan formerly with a credit estimate is the 250 W 19th Street Loan ($18.5 million -- 2.3% of the pool), which is secured by a 200-unit apartment building located in New York City's Chelsea neighborhood. The loan fully defeased since last review and is now secured by U.S. Government securities. Moody's prior credit estimate was Aaa.

The top three performing conduit loans represent 16% of the pool balance. The largest conduit loan is the 840 Michigan Avenue Loan ($54.8 million -- 6.8% of the pool), which is secured by an 87,136 SF retail center located on Chicago's Magnificent Mile, a destination shopping and entertainment district. Major tenants include H&M (53% of the net rentable area (NRA); lease expiration August 2013), Escada (28% of the NRA; lease expiration January 2013) and Casual Male (15% of the NRA; lease expiration January 2013). The most recent financial and occupancy figures date from 2009 and 2010, respectively. Occupancy at the property was reported at 100% as of December 2010 and financial performance was stable as of December 2009. Moody's LTV and stressed DSCR are 70% and 1.27X, respectively, compared to 71% and 1.25X at last review.

The second largest conduit loan is the 88 Sidney Street Loan ($35.6 million -- 4.4% of the pool), which is collateralized by a 145,275 SF class A lab building located in Cambridge, Massachusetts. The property is 100% leased to a single tenant, Alkermes Inc., whose lease expires in June 2012. Moody's used a Lit/Dark analysis to reflect potential cash flow volatility due to the single tenant's near term lease expiration. The loan was structured with a 300 month amortization schedule and has amortized 2.0% since last review and 16% since securitization. Moody's LTV and stressed DSCR are 75% and 1.37X, respectively, compared to 78% and 1.31X at last review.

The third largest conduit loan is the 609 Fifth Avenue Loan ($35.5 million -- 4.4% of the pool), which represents a 37.3% pari-passu interest in a $95.4 million loan. The loan is secured by a 147,958 SF office and street retail property located in the Rockefeller Center/Fifth Avenue submarket of New York City. Major tenants include American Girl Place (34% of the NRA; lease expiration March 2018; retail tenant), DZ Bank (29% of the NRA; lease expiration March 2017; office tenant) and Reebok (10% of the NRA; lease expiration November 2013; office tenant). Financial performance declined slightly between year-end 2009 and year-end 2010 reported results consistent with lower office space occupancy. Occupancy as of June 2011 was reported at 83% versus 85% at year-end 2010 and 98% at year-end 2009. Moody's LTV and stressed DSCR are 94% and 1.04X, respectively, compared to 91% and 1.07X at last review.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are considered EU Qualified by Extension and therefore available for regulatory use in the EU. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

Information sources used to prepare the rating is 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 received and took into account one or more third-party assessments on the due diligence performed regarding the underlying assets or financial instruments in this transaction and the assessments had a neutral impact on the rating.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a 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 Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

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

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's 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 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.

Gregory Reed
Vice President - Senior 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
VP - Senior Credit Officer
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 Downgrades Four and Affirms 14 CMBS Classes of MSC 2003-IQ6
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.

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