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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's Places 11 CMBS Classes of JPMCC 2003-CIBC7 on review for Possible Downgrade

26 Aug 2010

Approximately $124.3 Million of Structured Securities Affected

New York, August 26, 2010 -- Moody's Investors Service (Moody's) placed 11 classes of J.P. Morgan Commercial Mortgage Finance Corp., Series 2003-CIBC7 on review for possible downgrade. Moody's rating action is as follows:

US$27.751M Cl. D Certificate, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 23, 2007 Upgraded to Aa3 (sf)

US$15.61M Cl. E Certificate, A2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 23, 2007 Upgraded to A2 (sf)

US$17.345M Cl. F Certificate, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jan 14, 2004 Definitive Rating Assigned Baa1 (sf)

US$10.407M Cl. G Certificate, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 25, 2009 Downgraded to Baa3 (sf)

US$19.078M Cl. H Certificate, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 25, 2009 Downgraded to Ba3 (sf)

US$5.204M Cl. J Certificate, B2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 25, 2009 Downgraded to B2 (sf)

US$5.203M Cl. K Certificate, B3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 25, 2009 Downgraded to B3 (sf)

US$8.672M Cl. L Certificate, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 25, 2009 Downgraded to Caa1 (sf)

US$8.673M Cl. M Certificate, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 25, 2009 Downgraded to Caa2 (sf)

US$3.469M Cl. N Certificate, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 25, 2009 Downgraded to Caa3 (sf)

US$2.852M Cl. P Certificate, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 25, 2009 Downgraded to Caa3 (sf)

Moody's placed Classes D through P on review for possible downgrade due to higher expected losses for the pool resulting from realized and anticipated losses from specially serviced and poorly performing watchlisted loans and concerns about refinance risk in an adverse environment. Forty-three loans, representing 18% of the pool, mature within the next 36 months.

The principal methodology used in rating J.P. Morgan, Series 2003-CIBC7 is "CMBS: Moody's Approach to Rating Fusion Transactions" published on April 19, 2005. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website. In addition, 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 (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 underlying ratings 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 underlying ratings in the same transaction.

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 June 25, 2009. 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 August 12, 2010 distribution date, the transaction's aggregate certificate balance has decreased by 35% to $953.4 million from $1.472 billion at securitization. The Certificates are collateralized by 162 mortgage loans ranging in size from less than 1% to 6% of the pool, with the top ten loans representing 33% of the pool. Twenty-three loans, representing 21% of the pool, have defeased and are collateralized with U.S. Government securities. Defeasance at last review represented 17% of the pool.

Twenty-nine loans, representing 23% 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.

Six loans have been liquidated from the pool since securitization, resulting in an aggregate $21.3 million loss (47% loss severity on average). Currently eight loans, representing 6% of the pool, are in special servicing. The largest specially serviced loan is the Versailles and Dana Point Apartment Loan ($22.2 million -- 2.4% of the pool), which is secured by a total of 652-units in two separate crossed apartment complexes located in Dallas, Texas. The loan was transferred to special servicing in June 2010 due to delinquency. The properties were 46% leased as of December 2009 and performance has declined since securitization. The remaining seven specially serviced loans are secured by a mix of multifamily, retail, student housing, office and medical office properties.

Moody's review will focus on potential losses from specially serviced and watchlisted loans and the performance of the overall pool.

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
USA

Moody's Places 11 CMBS Classes of JPMCC 2003-CIBC7 on review for Possible Downgrade
No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

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