Moody's Investors Service Upgrades 100 Classes of 51 Securitizations
Approximately $2.38 Billion of Structured Securities Affected
New York, July 09, 2007 -- Moody's Investors Service is upgrading 100 classes of 51 CMBS securitizations
as follows:
Artesia Mortgage CMBS, Inc., Series 1998-C1
-Class F, $8,413,000, upgraded to
A2 from Baa3
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 1998-C1
-Class D, $32,163,260, upgraded
to A1 from A2
-Class E, $8,934,239, upgraded to
Baa2 from Baa3
CASC (CAPCO) Commercial Mortgage Trust, Series 1998-D7
-Class A-4, $59,166,838,
upgraded to Aaa from Aa1
-Class A-5, $21,798,308,
upgraded to Aa2 from Aa3
First Union-Lehman Brothers-Bank of America Commercial Mortgage
Trust, Series 1998-C2
-Class E, $68,161,000, upgraded
to Aaa from Aa1
-Class F, $51,121,000, upgraded
to Aa3 from A1
IMPAC CMB Trust 1998-C1
-Class F, $18,271,000, upgraded
to A3 from Baa1
Mortgage Capital Funding, Inc., Series 1998-MC3
-Class D, $61,301,000, upgraded
to Aaa from Aa3
-Class E, $29,515,000, upgraded
to A1 from Baa1
NationsLink Funding Corporation, Series 1998-1
-Class E, $25,515,013, upgraded
to Aaa from Aa2
Prudential Securities Secured Financing Corp., Series 1998-C1
-Class F, $25,848,000, upgraded
to Aaa from Aa2
-Class H, $8,617,000, upgraded to
Baa1 from Baa2
Bear Stearns Commercial Mortgage Securities Inc., Series
1999-C1
-Class D, $21,510,179, upgraded
to A1 from A2
-Class E, $5,975,050, upgraded to
A3 from Baa1
COMM 1999-1
-Class E, $81,947,000, upgraded
to Aa2 from A1
-Class F, $19,668,000, upgraded
to A2 from A3
Commercial Mortgage Asset Trust, Series 1999-C1
-Class D, $136,562,000, upgraded
to Aa1 from A1
-Class E, $35,625,000, upgraded
to A1 from A3
First Union National Bank-Chase Manhattan Bank Commercial Mortgage
Trust, Series 1999-C2
-Class F, $17,722,535, upgraded
to Aa1 from Aa2
GS Mortgage Securities Corporation II, Series 1999-C1
-Class E, $13,359,000, upgraded
to Aaa from Aa1
NationsLink Funding Corporation, Series 1999-1
-Class E, $33,608,999, upgraded
to Aaa from Aa2
Paine Webber Mortgage Acceptance Corporation V, Series 1999-C1
-Class D, $33,476,000, upgraded
to Aaa from Aa3
-Class E, $8,809,000, upgraded to
Aa3 from A2
Prudential Securities Secured Financing Corporation, Series 1999-C2
-Class F, $15,213,000, upgraded
to Aaa from Aa2
-Class G, $15,213,000, upgraded
to Aa3 from A2
Prudential Securities Secured Financing Corporation, Series 1999-NRF1
-Class D, $46,447,000, upgraded
to Aaa from Aa1
-Class E, $13,935,000, upgraded
to Aa1 from Aa3
Banc of America Commercial Mortgage Inc., Series 2000-2
-Class D, $17,795,938, upgraded
to Aaa from Aa1
-Class E, $8,897,968, upgraded to
Aaa from Aa2
-Class F, $11,122,461, upgraded
to Aa3 from A1
Heller Financial Commercial Mortgage Asset Corp., Series
2000 PH-1
-Class E, $35,885,000, upgraded
to Aa1 from Aa2
-Class F, $14,354,000, upgraded
to Aa3 from A1
LB-UBS Commercial Mortgage Trust 2000-C5
-Class C, $44,873,000, upgraded
to Aaa from Aa1
PNC Mortgage Acceptance Corp., Series 2000-C1
-Class D, $10,014,000, upgraded
to Aaa from Aa1
-Class E, $26,036,000, upgraded
to Aa3 from A2
PNC Mortgage Acceptance Corp., Series 2000-C2
-Class D, $13,452,000, upgraded
to Aaa from Aa2
-Class E, $13,451,000, upgraded
to Aa2 from Aa3
-Class F, $18,831,000, upgraded
to A2 from A3
Prudential Securities Secured Financing Corporation, Series Key
2000-C1
-Class C, $40,815,000, upgraded
to Aaa from Aa1
-Class D, $10,203,000, upgraded
to Aaa from Aa2
-Class E, $10,203,000, upgraded
to Aa2 from Aa3
Salomon Brothers Commercial Mortgage Trust 2000-C3
-Class C, $36,586,000, upgraded
to Aaa from Aa1
-Class D, $13,720,000, upgraded
to Aa1 from Aa2
-Class E, $13,720,000, upgraded
to Aa3 from A1
Banc of America Commercial Mortgage Inc., Series 2001-1
-Class C, $21,345,985, upgraded
to Aa1 from Aa2
Banc of America Commercial Mortgage Inc., Series 2001-PB1
-Class E, $18,765,664, upgraded
to Aa1 from Aa2
Credit Suisse First Boston Mortgage Securities Corp., Series
2001-CF2
-Class C, $49,271,000, upgraded
to Aa3 from A2
-Class D, $10,949,000, upgraded
to A2 from A3
Credit Suisse First Boston Mortgage Securities Corp., Series
2001-CK1
-Class C, $45,441,000, upgraded
to Aa1 from Aa2
Credit Suisse First Boston Mortgage Securities Corp., Series
2001-CK3
-Class D, $11,268,000, upgraded
to Aaa from Aa1
Credit Suisse First Boston Mortgage Securities Corp., Series
2001-CKN5
-Class C, $18,773,000, upgraded
to Aaa from Aa1
-Class D, $24,138,000, upgraded
to Aa2 from A1
-Class E, $10,728,000, upgraded
to Aa3 from A2
-Class F, $13,410,000, upgraded
to A3 from Baa1
First Union National Bank-Bank of America, N.A.
Commercial Mortgage Trust, Series 2001-C1
-Class C, $26,166,000, upgraded
to Aaa from Aa3
-Class D, $26,165,000, upgraded
to Aa2 from A2
-Class E, $16,354,000, upgraded
to A1 from A3
-Class F, $13,082,000, upgraded
to A3 from Baa1
First Union National Bank Commercial Mortgage Trust, Series 2001-C2
-Class F, $10,015,000, upgraded
to Aaa from Aa1
-Class G, $15,023,000, upgraded
to Aa2 from Aa3
-Class H, $17,527,000, upgraded
to A2 from A3
First Union National Bank Commercial Mortgage Trust, Series 2001-C4
-Class F, $12,232,000, upgraded
to Aaa from Aa1
-Class G, $12,232,000, upgraded
to Aaa from Aa2
-Class H, $17,125,000, upgraded
to Aa3 from A1
GE Capital Commercial Mortgage Corporation, Series 2001-1
-Class C, $49,390,000, upgraded
to Aa1 from Aa2
-Class D, $15,523,000, upgraded
to Aa2 from Aa3
-Class E, $15,522,000, upgraded
to A1 from A2
-Class F, $15,523,000, upgraded
to A3 from Baa1
GE Capital Commercial Mortgage Corporation, Series 2001-2
-Class C, $45,129,000, upgraded
to Aa1 from A1
-Class D, $12,537,000, upgraded
to Aa3 from A2
-Class E, $10,028,000, upgraded
to A2 from A3
Morgan Stanley Dean Witter Capital I Trust 2001-TOP3
-Class B, $30,843,000, upgraded
to Aaa from Aa1
Salomon Brothers Commercial Mortgage Trust 2001-C2
-Class D, $27,022,000, upgraded
to Aa1 from Aa2
Credit Suisse First Boston Mortgage Securities Corp., Series
2002-CKS4
-Class C, $18,429,000, upgraded
to Aaa from Aa1
-Class D, $30,714,000, upgraded
to Aa3 from A1
-Class E, $16,893,000, upgraded
to A1 from A2
Credit Suisse First Boston Mortgage Securities Corp., Series
2002-CP3
-Class C, $40,307,000, upgraded
to Aa1 from Aa2
-Class D, $8,957,000, upgraded to
Aa2 from Aa3
GE Capital Commercial Mortgage Corp., Series 2002-1
-Class C, $22,070,000, upgraded
to Aaa from Aa2
-Class D, $16,877,000, upgraded
to Aa2 from A2
-Class E, $10,385,000, upgraded
to Aa3 from A3
-Class F, $12,983,000, upgraded
to A2 from Baa1
GMAC Commercial Mortgage Securities, Inc., Series 2002-C1
-Class D, $15,977,000, upgraded
to Aaa from Aa1
GMAC Commercial Mortgage Securities, Inc., Series 2002-C2
-Class D, $23,053,000, upgraded
to Aaa from Aa1
-Class E, $7,376,000, upgraded to
Aa2 from Aa3
Greenwich Capital , Series 2002-C1
-Class F, $15,990,000, upgraded
to Aa1 from Aa2
-Class G, $15,989,000, upgraded
to Aa3 from A1
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Series 2002-C1
-Class C, $34,708,000, upgraded
to Aa1 from Aa2
Merrill Lynch Mortgage Trust, Series 2002-MW1
-Class D, $10,826,000, upgraded
to Aa2 from Aa3
Credit Suisse First Boston Mortgage Securities Corp., Series
2003-C3
-Class C, $19,405,000, upgraded
to Aa1 from Aa2
Credit Suisse First Boston Mortgage Securities Corp., Series
2003-CK2
-Class D, $29,647,000, upgraded
to Aa1 from Aa2
-Class E, $12,353,000, upgraded
to Aa2 from Aa3
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Series 2003-CIBC6
-Class B, $31,189,000, upgraded
to Aaa from Aa1
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Series 2003-LN1
-Class B, $34,547,000, upgraded
to Aaa from Aa1
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Series 2003-ML1
-Class C, $10,461,000, upgraded
to Aaa from Aa1
-Class D, $22,083,000, upgraded
to Aa2 from Aa3
Wachovia Bank Commercial Mortgage Trust, Series 2003-C6
-Class C, $13,101,000, upgraded
to Aaa from Aa1
-Class D, $25,010,000, upgraded
to Aa3 from A1
-Class E, $14,292,000, upgraded
to A1 from A2
Moody's Investors Service has used its quantitative ("Q")
tools, including Moody's Commercial Mortgage Metrics (CMM™)
and Moody's Surveillance Trend (MOST™) Scores to conduct a
portfolio wide review to identify CMBS transactions with significant changes
to their credit profile since their last comprehensive review.
Moody's quantitative approach supplements but does not replace our
conventional approach of detailed transactional analysis. Significant
amortization buildup, pay downs and defeasance have helped boost
the credit profile of the above referenced classes, resulting in
the upgrades.
The affected transactions passed a set of six filters to be qualified
for Q tool based upgrades, which are discussed in detail in "US
CMBS: Q Tool Based Portfolio Review Results in Numerous Upgrades,
August 2, 2006", which is available on moodys.com.
Moody's will continue to utilize Q tools periodically in order to
effectively identify and respond to those securitizations with a significant
shift in credit profile.
New York
Cedric Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Pamela Dent
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653