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Announcement:

Moody's: No negative rating impact on the appointment of U.S. Bank National Association as successor Trustee and successor Collateral Agent and Citibank continuing as Certificate Administrator and Paying Agent in CMBS Transactions

21 Dec 2012

NOTE: On February 01, 2013, the press release was revised as follows: Corrected the third item in the list of impacted transactions to: CFCRE Commercial Mortgage Trust 2011-C2 Commercial Mortgage Pass-Through Certificates, Series 2011-C2 (and, pursuant to the terms of the related Pooling and Servicing Agreement in connection with the securitization of the RiverTown Crossings Mall companion loan, the COMM 2012-CCRE1 Commercial Mortgage Pass-Through Certificates). Revised release follows.

New York, December 21, 2012 -- Moody's has determined that the following actions (the "Proposal"): (1) the appointment of U.S. Bank National Association ("U.S. Bank") as successor Trustee following the resignation of Citibank from such capacity; (2) the appointment of U.S. Bank as successor CMBS Trustee following the resignation of Citibank from such capacity; (3) the appointment of U.S. Bank as successor Collateral Agent following the resignation of Citibank from such capacity; and (4) Citibank continuing in its capacity as Certificate Administrator and Paying Agent, each will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the following transactions, as applicable:

7 WTC Depositor, LLC Trust 2012-WTC Commercial Pass-Through Certificates, Series 2012-7WTC and New York Liberty Development Corporation Liberty Revenue Refunding Bonds, Series 2012

CFCRE Commercial Mortgage Trust 2011-C1 Commercial Mortgage Pass-Through Certificates, Series 2011-C1

CFCRE Commercial Mortgage Trust 2011-C2 Commercial Mortgage Pass-Through Certificates, Series 2011-C2 (and, pursuant to the terms of the related Pooling and Servicing Agreement in connection with the securitization of the RiverTown Crossings Mall companion loan, the COMM 2012-CCRE1 Commercial Mortgage Pass-Through Certificates)

DDR I Depositor LLC Trust 2009 Commercial Mortgage Pass-Through Certificates, Series 2009-DDR I

Citibank's Proposal includes the following features: (1) Amounts on deposit in the transactions' segregated trust accounts held by Citibank (the "Accounts") meet Moody's current rating implementation guidance as outlined in "The Temporary Use of Cash in Structured Transactions: Eligible Investment Guidelines", dated December 9, 2008; (2) If Moody's changes its applicable criteria or ratings implementation guidance, so that Moody's rating of Citibank at such time is below the applicable minimum rating threshold required to hold funds overnight in segregated trust accounts for the above transactions, within 30 days Citibank will establish an Eligible Account with an Eligible Institution into which Citibank will deposit, on the same day as receipt, all amounts remitted to the transaction's Distribution Account, so as to avoid holding any transaction funds overnight. If Citibank's rating falls below the applicable minimum threshold to hold transaction funds intraday, then Citibank will arrange for all transaction funds to be deposited only in an Eligible Account.

Moody's opinion addresses only the credit impact associated with the Proposal, and Moody's is not expressing any opinion as to whether the Proposal has, or could have, other non-credit related effects that may have a detrimental impact on the interests of certificateholders or transaction parties for the Deal.

Moody's has assessed Citibank's Proposal, described above, as a result of the downgrade of Citibank to A3 / P-2 on June 21, 2012. Moody's has assessed the probability and impact of a default of Citibank on the ability of the Issuer to meet its obligations under the transaction, including the impact to the transaction resulting from the loss of any cash held by Citibank should it default and any transaction-related loss that may be incurred after that time due to any delay in redirecting payments to a new account or taking any other appropriate action.

In assessing the Proposal, Moody's has considered the rating implementation guidance entitled "The Temporary Use of Cash in Structured Transactions: Eligible Investment Guidelines" published in December 2008. Please see the Credit Policy page on www.moodys.com for a copy of this rating implementation guidance.

Moody's notes that on July 2, 2012, it released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating implementation guidance for the temporary use of cash in structured finance transactions. Please refer to Moody's Request for Comment, entitled "The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines: Request for Comment" for further details regarding the implications of the proposed methodology changes on Moody's ratings.

Sandra Ruffin
VP - Senior Credit Officer
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

Michael Gerdes
MD - Structured Finance
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: No negative rating impact on the appointment of U.S. Bank National Association as successor Trustee and successor Collateral Agent and Citibank continuing as Certificate Administrator and Paying Agent in CMBS Transactions
No Related Data.
© 2019 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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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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