Moody's Investors Service Upgrades 35 Classes of 25 Securitizations
Approximately $679.6 Million of Structured Securities Affected
New York, December 20, 2007 -- Moody's Investors Service is upgrading 35 classes of 25 CMBS securitizations
as follows:
Deutsche Mortgage & Asset Receiving Corporation 1998-C1
-Class E, $27,248,000, upgraded
to Aaa from Aa3
Morgan Stanley Capital I Inc. 1998-CF1
-Class D, $60,901,000, upgraded
to Aa3 from A3
First Union Commercial Mortgage Trust 1999-C1
-Class E, $17,482,000, upgraded
to Aa1 from Aa2
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 1999-C1
-Class D, $21,510,179, upgraded
to Aa3 from A1
-Class E, $5,975,050, upgraded to
A2 from A3
Morgan Stanley Capital I Inc. 1999-WF1
-Class G, $9,685,000, upgraded to
Aa3 from A1
-Class H, $19,370,000, upgraded
to Baa1 from Baa2
DLJ Commercial Mortgage Corp. 1999-CG2
-Class B1, $58,141,000, upgraded
to Aa1 from Aa2
Commercial Mortgage Acceptance Corp. 1999-C1
-Class G, $1,834,000, upgraded to
Aaa from Aa1
Salomon Brothers Mortgage Securities VII, Inc. 1999-C1
-Class G, $14,697,000, upgraded
to Aaa from Aa2
GMAC Commercial Mortgage Securities, Inc. 2000-C1
-Class E, $30,796,000, upgraded
to A1 from A2
DLJ Commercial Mortgage Trust 2000-CKP1
-Class B1, $16,124,000, upgraded
to Aa3 from A1
GE Capital Commercial Mortgage Corp., Series 2000-1
-Class C, $31,829,898, upgraded
to Aa3 from A1
CS First Boston Mortgage Securities Corp., Series 2001-CF2
-Class C, $49,271,000, upgraded
to Aaa from Aa3
-Class D, $10,949,000, upgraded
to Aa2 from A2
-Class E, $16,423,000, upgraded
to A3 from Baa1
Washington Mutual Multifamily Mortgage 2001-1Limited
-Class B3, $6,285,000, upgraded
to Aa2 from Aa3
Morgan Stanley Dean Witter Capital I Trust, Series 2001-TOP5
-Class C, $28,655,000, upgraded
to Aa1 from Aa2
-Class D, $10,420,000, upgraded
to Aa3 from A1
First Union National Bank Commercial Mortgage Trust, Series 2002-C1
-Class D, $9,104,000, upgraded to
Aa1 from Aa2
J.P. Morgan Chase Commercial Mortgage Securities Corp,
2002-CIBC4
-Class C, $33,954,000, upgraded
to Aaa from Aa1
-Class D, $9,986,000, upgraded to
Aa2 from Aa3
GE Commercial Mortgage 2002-2
-Class F, $9,717,000, upgraded to
Aa2 from Aa3
Wachovia Bank Commercial Mortgage Trust 2002-C2
-Class E, $8,751,000, upgraded to
Aaa from Aa1
Merrill Lynch Financial Assets Inc., Series 2002-Canada
8
-Class B, $11,700,000, upgraded
to Aaa from Aa1
-Class C, $12,880,000, upgraded
to Aa3 from A1
-Class D, $12,888,000, upgraded
to Baa1 from Baa2
Greenwich Capital Commercial Funding Corp., Series 2002-C1
-Class F, $15,990,000, upgraded
to Aaa from Aa1
-Class G, $15,989,000, upgraded
to Aa2 from Aa3
Washington Mutual Asset Securities Corp., Series 2003-C1
-Class E, $2,860,000, upgraded to
Aa1 from Aa2
Credit Suisse First Boston Mortgage Securities Corp., Series
2003-CK2
-Class D, $29,647,000, upgraded
to Aaa from Aa1
-Class E, $12,353,000, upgraded
to Aa1 from Aa2
Solar Trust, Series 2003-CC1
-Class C, $14,040,000, upgraded
to Aa3 from A1
Wachovia Bank Commercial Mortgage Trust 2004-C10
-Class C, $16,127,000, upgraded
to Aa1 from Aa2
Greenwich Capital Commercial Funding Corp., 2004-GG1
-Class C, $26,021,000, upgraded
to Aa1 from Aa2
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 monitor those securitizations with a significant shift in
credit profile.
New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653