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Rating Action:

Moody's Downgrades Ten and Affirms Six CMBS Classes of WBCMT 2005-C22

17 Dec 2010

Approximately $2.297 Billion of Structured Securities Affected

New York, December 17, 2010 -- Moody's Investors Service (Moody's) downgraded the ratings of ten classes and affirmed six classes of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2005-C22 as follows:

Cl. A-2, Affirmed at Aaa (sf); previously on Jan 13, 2006 Definitive Rating Assigned Aaa (sf)

Cl. A-3, Affirmed at Aaa (sf); previously on Jan 13, 2006 Definitive Rating Assigned Aaa (sf)

Cl. A-PB, Affirmed at Aaa (sf); previously on Jan 13, 2006 Definitive Rating Assigned Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on Jan 13, 2006 Definitive Rating Assigned Aaa (sf)

Cl. A-1A, Affirmed at Aaa (sf); previously on Jan 13, 2006 Definitive Rating Assigned Aaa (sf)

Cl. IO, Affirmed at Aaa (sf); previously on Jan 13, 2006 Definitive Rating Assigned Aaa (sf)

Cl. A-M, Downgraded to Aa2 (sf); previously on Oct 7, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-J, Downgraded to Baa1 (sf); previously on Oct 7, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Baa3 (sf); previously on Oct 7, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. C, Downgraded to Ba3 (sf); previously on Oct 7, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. D, Downgraded to B3 (sf); previously on Oct 7, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. E, Downgraded to Caa2 (sf); previously on Oct 7, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. F, Downgraded to Caa3 (sf); previously on Oct 7, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. G, Downgraded to C (sf); previously on Oct 7, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. H, Downgraded to C (sf); previously on Oct 7, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. J, Downgraded to C (sf); previously on Oct 7, 2010 B3 (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The downgrades are due to higher expected losses for the pool resulting from 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.

On October 7, 2010, Moody's placed ten classes on review for possible downgrade. This action concludes our review.

Moody's rating action reflects a cumulative base expected loss of 10.1% of the current balance. At last review, Moody's cumulative base expected loss was 6.6%. Moody's stressed scenario loss is 17.8% of the current balance. 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.

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 this rating was "CMBS: Moody's Approach to Rating Fusion Transactions" published in July 2000.

In addition to methodologies and research, 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.

Moody's review incorporated the use of the excel-based CMBS Conduit Model v 2.50 which is used for both conduit and fusion transactions. Conduit model results at the Aa2 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 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 and B2, 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 34 compared to 36 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 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 September 2, 2009. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets or financial instruments in this transaction and the due diligence reports had a neutral impact on the ratings.

DEAL PERFORMANCE

As of the November 18, 2010 distribution date, the transaction's aggregate certificate balance has decreased by 6% to $2.380 billion from $2.534 billion at securitization. The Certificates are collateralized by 143 mortgage loans ranging in size from less than 1% to 7% of the pool, with the top ten loans representing 33% of the pool. Two loans, representing 0.5% of the pool, have defeased and are collateralized by U.S. Government securities. The pool includes three loans, representing 4% of the pool, with investment grade credit estimates.

Twenty-two loans, representing 15% 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.

One loan has been liquidated from the pool since securitization, resulting in a $20.4 million loss (50% loss severity on average). The pool had not experienced any realized losses at last review. Fifteen loans, representing 16% of the pool, are currently in special servicing. The largest specially serviced loan is the Westin Casuarina Hotel & Spa Loan ($148.5 million -- 6.2% of the pool) which is secured by an 826-room luxury hotel spa and casino located in Las Vegas, Nevada. The loan was transferred to special servicing March 2010 due to poor financial performance and is presently in foreclosure proceedings.

The second largest loan in special servicing is the Eagle Ridge Mall ($46.3 million 1.9% of the pool) which is secured by a 509,000 square foot (SF) regional shopping mall in Lake Wales, Florida. The loan was transferred to special servicing April 2009 due to the General Growth Property Inc. (GGP) bankruptcy filing. The loan became real estate owned (REO) November 2010.

The remaining thirteen specially serviced loans are secured by a mix of property types. The master servicer has recognized an aggregate $69.3 million appraisal reduction for eight of the specially serviced loans. Moody's has estimated an aggregate $171.5 million loss (45% expected loss on average) for all of the specially serviced loans.

Moody's has assumed a high default probability for seven poorly performing loans representing 4% of the pool and has estimated a $20.4 million loss (19% expected loss based on a 50% probability default) from these troubled loans.

Moody's was provided with partial year 2009 operating results for 81% of the pool. Excluding specially serviced and troubled loans, Moody's weighted average LTV is 98% compared to 108% at Moody's prior review. Moody's net cash flow reflects a weighted average haircut of 11.0% 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 1.57X and 1.03X, respectively, compared to 1.39X and 0.95X 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 Metro Pointe at South Coast Loan ($52.6 million -- 2.2% of the pool), which is secured by a leasehold interest on a 386,000 SF retail center located in Costa Mesa, California. The property was 100% leased as of June 2010 compared to 99% at last review. Financial performance has increased since last review. Moody's current credit estimate and stressed DSCR are Aa1 and 2.15X, respectively, compared to A1 and 1.82X at last review.

The second loan with a credit estimate is the Shoppes at East Chase Loan ($26.3 million -- 1.1% of the pool), which is secured by a 364,400 SF retail center located in Montgomery, Alabama. The property was 87% leased as of June 2010 compared to 85% at last review. Financial performance has declined despite increased occupancy. Moody's current credit estimate and stressed DSCR are A3 and 1.71X, compared to A2 and 1.90X at last review.

The third loan with a credit estimate is the 1201 Broadway Loan ($11.0 million -- 0.5% of the pool) which is secured by a 132,000 SF office building located in New York, New York. The property was 92% leased as of June 2010 compared to 89% at last review. Moody's current credit estimate and stressed DSCR are Aa2 and 2.08X, respectively, compared to Baa3 and 1.43X at last review.

The top three performing conduit loans represent 16% of the pool balance. The largest loan is the Hyatt Center Loan ($162.5 million -- 6.8% of the pool), which represents a 50% participation interest in a first mortgage loan. The loan is secured by a 1.5 million SF Class A office building located in Chicago, Illinois. The property was 95% leased as of June 2010, the same as last review. Moody's LTV and stressed DSCR are 87% and 1.06X, respectively, compared to 107% and 0.86X at last review.

The second largest loan is the Extra Space PRISA Pool Loan ($145 million -- 6.1% of the pool), which is secured by 22,717 self storage units at 35 properties located in 18 states that are cross collateralized and cross defaulted. The loan is interest-only throughout the seven-year loan term. Moody's LTV and stressed DSCR are 82% and 1.22X, respectively, compared to 84% and 1.19X at last review.

The third largest loan is the 300 Four Falls Corporate Center Loan ($70.4 million -- 3.0% of the pool), which is secured by a 293,000 SF suburban Class A office building located in West Conshohocken, Pennsylvania. Property performance has increased since last review. The property is 100% leased as of June 2010 compared to 97% at last review. Moody's LTV and stressed DSCR are 107% and 0.91X, respectively, compared to 115% and 0.84X at last review.

REGULATORY DISCLOSURES

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 purpose 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
Gregory Reed
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Sandra Ruffin
VP - Senior Credit Officer
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 Ten and Affirms Six CMBS Classes of WBCMT 2005-C22
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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